A financial plan is a tool that can help you manage your money and reach your financial goals. While it is important for anyone seeking ways to improve their financial wellbeing, it can be especially impactful for women.
According to the Women’s Budget Statement 2022-23, results found that only 36% of women have a financial plan for retirement, compared to 55% of men.
If you are a woman seeking direction on how to approach and handle your finances the most effective way, you may want to seek out a financial planner who can tailor a financial plan to your personal circumstances and provide you with strategies to grow your wealth.
Here are 5 ways a Financial Plan Can Help Women Achieve Financial Freedom:
1) Gain Peace of Mind:
A financial plan can truly provide peace of mind by helping you to organise your finances and set clear goals. With a plan in place, it can often make you feel more confident about your financial future knowing you’re on the right track to achieving your financial goals.
2) Gain Financial Empowerment:
When you have a financial plan in place, you may feel more empowered on a daily basis as you’ll know where your money is going and how to make the most of it. This can help reduce financial stress and give you greater control over your life.
Women can also look at a financial plan as a way to improve their overall financial wellbeing by having the right financial strategies tailored to their personal situation. With a financial planner, you have a guide to help you learn how to manage your finances in a way that works for you, your partner, and your family.
3) Secure Financial Freedom:
A person’s on their way to financial freedom when they have a financial plan. You’ll know what your goals are and how to achieve them and your progress in achieving these goals. It may help you make better decisions with your money and ultimately lead to a more secure future.
For women, financial freedom can be everything. Being dependent on others has always been a societal norm for women but today society’s progression has shown otherwise. Having a financial plan can help and give you a roadmap to independence.
4) Secured Future and Ideal Lifestyle
As studies and statistics have shown, such as the National Gender Pay Gap, women are significantly financially disadvantaged compared to men.
As described in the Women’s Budget Statement 2022-23 the national gender pay gap results from social and economic factors that lower women’s earning capacity relative to men, and reflects time out of the workforce, industrial and occupational segregation, and discrimination and bias.
A financial plan can be tailored to a woman’s unique financial situation with strategies that can help secure their future and ideal lifestyle for themselves and their family.
5) A Life By Example
A financial plan can help set a good example for others, especially younger women who may not have had the opportunity to learn about wealth management, financial planning and investing. By showing them how to save and invest for the future, women can help empower other women to grab hold of and take control of their finances, as well as build a brighter future for themselves.
Seeking Financial Planning For Women in Adelaide?
A financial plan can truly enhance a woman’s life in several ways. It can help her to save money, invest money wisely, pay off debts, plan for retirement, and to protect her financial future.
Novo Wealth offers specialised financial planning for women as part of their responsible financial planning and ethical investment approach.
We work with women using a range of strategies to close the retirement savings gap, advise them on investing, and focus on savings and wealth management to help you achieve greater wealth and financial independence.