Many factors make women special - tenacity, fierce determination and an unequaled ability to multi-task to name just a few. However, it is these very same factors that can post specific challenges.

The first fact in life to understand is that while planning ahead is important for everyone, it's even more important for women. Despite living in an age of equality - fair or not, women need to do more financial planning that men.

It's a great time to be a woman - there are more opportunities than ever available to us and the world is our oyster! But with this, comes a number of obstacles that the age of equality can't nullify for us.

1. Women still typically earn 25% less than men
   On average, women tend to earn significantly less than men. This means that women have less income to fund their lifestyle and retirement.
   
2. Longer life expectancy
   Women live approximately 5 years longer than men. This means that women need to be better financially prepared for a longer retirement than men. It also points to the importance of women understanding their financial setup - because they will likely find themselves solely responsible for their finances at some point in time.
   
3. Irregular career paths
   Many women become the primary care-giver for children or elderly relatives, which can impact significantly on their career paths. Despite being a fulfilling time for many women, it can impact heavily on the ability to earn, save and invest. It can limit future career options, short term cashflow, reduce savings and limit options in retirement.
   
4. Divorce, relationships and sexually transmitted debt
   1 in 3 marriages end in divorce, and over 1 in 5 women remain unmarried or co-habitate long term rather than marry. Statistics show that women are vulnerable to suffering financial consequences far more than men who have the ability to rebuild their assets more quickly. Women are more likely to walk away with "nothing" than to face the added heartache of a bitter settlement process.

In a nutshell, these factors are why long-term financial planning is more important for women. Compared to men, you've got to be more farsighted, start saving earlier, and stick to your plans with more discipline.

Fortunately, doing all this is not only possible, it's actually relatively easy. In about the time it takes to have a cup of coffee with a girlfriend, you can put your feet firmly on the path to a secure future.

Addwealth for women have developed a number of strategies that can easily help keep you on track to achieving your financial goals.

Why wait to be wealthy? call Addwealth for Women today on 08 9284 3144 or register online at www.addwealthforwomen.com.au

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