Disclaimer: Any advice provided in this discussion is only general in nature. For advice that relates to you personally, please seek the advice of a qualified and trained professional.
eCentral resident Financial Planner and author of ‘On Your Own Two Feet’, Helen Baker shares her wealth of financial planning knowledge and experience in the field of finances for females.
The case for females isn’t quite as linear as it is for men, particularly when it comes to remuneration, life situations and ultimately, financial stability. Widely known as the “glass ceiling” or nowadays the “sticky floor,” Helen explains that females on average receive less pay than their male counterparts and over the course of time, endure severe impacts to their savings and superannuation.
Although there is some progress in pay equality across the Western world (such is the case in Iceland where it is actually illegal for males to be paid more than females for the same position), there is still a long way to go and women need to be savvy about what their superannuation is doing for them whilst they are still at work. Retiring comfortably can sometimes feel so far away.
Further to this, women are by design child bearers and birth givers meaning there will be inevitable interruptions to their careers and ultimately, their pay schedules. Helen strongly advises women to educate themselves and seek the advice of trained and qualified professionals in financial planning to ensure their financial positions don’t deteriorate throughout this period in their lives, and that they are on track to meet savings and retirement goals.
Where women are business owners and operators, Helen advises that these scenarios require even further education and due diligence. Women should further obtain advice from not only financial planners, but lawyers and accountants too.
None of us hold the magic crystal ball, there’s simply no room to second guess your financial situation.
Get the right advice that’s tailored to your circumstances by contacting Helen Baker today. You can even check out her book called On Your Own Two Feet for further valuable insights.