Financial Advice

Financial Planning for Women

Ladies, we need to talk about planning your financial future.

Most of us know the history of the gender pay gap and there are undeniable factors such as unpaid periods of maternity leave and primary carer flexibility issues that have stimulated this reality. This tends to contribute to a reduced opportunity to save, to benefit from compounding interest and it certainly impacts superannuation balances. Female focussed financial planning may help alleviate these problems.

Before we continue, we will also preface this article by saying we absolutely acknowledge that all households are different and that child-rearing responsibilities are shared differently from household to household. For the sake of conversation, we are going to take a stereotypical view on the matter.

gender pay gap

We want to talk to you about the ‘Gender Wealth Gap’!

The gender wealth gap is arguably far wider than the pay gap and it is often where we see a broader range of economic resources and assets being underutilised by women for a range of reasons. The wealth gap highlights the longer-term differences in accumulation of assets and net worth between men and women.

Statistics such as a longer life expectancy for women, and a disproportionate number of men in charge of managing household finances compared to women, have shaped an emerging necessity for customised financial services designed to elevate the financial position and confidence of Australian women.

At RFS Advice we see an increasing need for tailored financial planning for women and this decade is where we hope to help Australian women grow their footprint in the world of wealth accumulation. We also know there is no better team to support this movement here in Australia than our wonderful, award-winning team of financial advisers including Niki Baxter and Belinda Veriton.

rfs advice female financial advice team

A few reasons we see a need for tailored financial planning for women.

  • US statistics tell us that 80% of women die single. Women live longer than men, which means a greater number of women are being left solely responsible for the family’s wealth at some stage. Are you adequately prepared for this very real possibility?
  • We are currently experiencing a rapid rise in affluence and education amongst women and managing this affluence may need a more substantive approach to investment than what is currently on offer.
  • Decision-making styles, risk tolerance, investing approaches, attitudes toward spending and mindset in regard to wealth often differ between men and women (i). Obviously, these concepts vary at a more granular level between individuals regardless of gender, however, historical norms continue to impact women’s involvement in investment choices.

At RFS Advice we’re here to see change and address the need for a supportive financial service tailored for women with ambition. We recognise financial markets can be intimidating but part of our role is to demystify investment choices and help our clients make informed decisions.

If you would like to explore this topic further we have an amazing team led by our experts Niki and Belinda who are ready to help.

Enquire now for female focussed financial planning solutions.

Arrange an appointment with our award winning team today by filling out the form below.

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