Take control of your financial destiny

The world has certainly changed! Only a generation ago, women were housewives, mothers and caretakers. Today, they are professionals and executives, entrepreneurs and home executives. Yet, for all the progress, many women still seem to suffer from a ‘Cinderella Syndrome’ when it comes to financial matters – a belief that someone will save them: “My husband controls the finances”, “My partner has a financial planner” or “My employer provides my benefits”.

Let us consider a few facts that affect our financial well-being now and in the future:

~ women live longer than men
~ women often take breaks in their careers to raise children
~ women generally earn less than men and have shorter career spans
~ more than 50% of marriages end in divorce
~ more and more women are choosing to get married later or be single mothers
~ women suffer dreaded diseases earlier and more frequently than ever before
~ medical costs escalate dramatically later in retirement
~ half the women over 65 are either widowed or divorced

The reality is that many of us are likely to face tough financial situations at some stage. And if, at that point you have a partner, is it really wise to leave your financial freedom entirely at the mercy of their choices?

Consider this: every year, 4 000 women are affected by breast cancer in South Africa and the average age of claimants is 41 years. Are you equipped to continue your current lifestyle in the event of such a tragedy occurring? Will you be burdened with financial worries in addition to the other stresses such an event could place on you and your family?

Statistically, only 6% of South Africans make adequate provision for all their needs after retirement and are able to lead their desired lifestyles in retirement. Will you be one of the 94% who will have to make major lifestyle changes at a point in your life that may already be stressful and traumatic?

This clearly emphasises the need for every woman to take control of her own financial destiny. All this requires is simple common sense combined with professional help:

~ start saving now and don’t delay setting up a savings plan until a more convenient time
~ take responsibility and control of your own financial affairs - don’t rely on a spouse to make all the financial decisions, plan together.
~ ensure that you are always aware of your own as well as your household’s financial status.
~ do not spend your retirement savings before your retirement - when changing jobs, be sure to preserve your pension or provident benefits
~ enlist the services of an independent financial planner to guide you with investment choices and help you put together a comprehensive lifetime plan aimed at achieving your lifetime goals