“The Financy Women’s Index shows that the average woman retires with 66 per cent of the account balance of the average man, largely due to taking time out of full-time work to care for children.”
I have a daughter and it troubles me to think she may find herself in this position. As part of my responsible investment approach, I offer specialised financial planning for women, which I believe can make a difference for my female clients.
So if you feel you are not on target to achieve your goals, there are a range of strategies we can employ to close the retirement savings gap. The most common goal among my female clients is a desire for “greater wealth and financial independence”. Within that, you may wish to take a responsible investment approach. This may include placing some of your investments in companies or funds that are at the forefront of gender diversity.
We can look at those firms and funds and assess their other ethical performance indicators. For example, their governance and environmental behaviour. Financial planning for women can require many specialised considerations. Whether or not you feel I am the right person to assist you, please take action soon. The longer you delay, the less time you have to achieve your goals.
Finally, my other piece of advice is not to be ‘too desperate’ and allow yourself to be lured into investments that seem to be too good to be true. Always look at the risk profile. Aim for the upside and protect the downside.