The Financial Facts

Despite an increase in the number of women entering and remaining in the workforce, women are still not as financially independent as they should be.

There are many reasons for this:

• Women live longer than men. On average, women live about six years longer than men, which means women have more years in retirement. While this may sound good, planning and paying for those extra years can be challenging.
  
• Women earn less than men. The gap is shrinking, but women still earn an average of 24% less than men do. In financial terms, this means that women build less of a pension than men.
  
• Women are more likely to take time away from the work force to care for children, aging parents, or other relatives. In the short term, this means a loss of income. In the long term, it allows less opportunity to save for retirement.
  
• Ninety percent of women will become totally responsible for their own welfare at some point in their life, whether by divorce or death of a spouse, or by choice. Research has shown that one year after separation, a husband's standard of living has returned to what it was prior to separation, compared with a 73% decline for women with young children. (Statistics Canada)
  
• The cost of good child-care if a mother has to return to the work force are high and can often equal her wage.
  

This trend has to change. No matter what stage of life you are in, whether you're single or married, here are some tips to building financial independence:

• Make it a priority and start early
  Women are inclined to wait for the right time to invest. This could be because we are not in the workforce, or because we are afraid we will make a mistake. As women, we need to start saving earlier.
  
• Set goals
  It doesn't matter if you're saving for retirement, college or a vacation; you're more likely to achieve your goals if you have a map to follow.
  
• Don't be afraid to take risks.
  We are often more cautious than men when it comes to investing. We need to get educated about investing and take appropriate risks to meet our goals.
  
• Make saving, particularly for retirement, a priority.
  As women, we are natural caregivers, which often translates to putting everyone else's needs in front of our own. We need to make saving for our retirement a priority, even when we're not in the work force.
  

As a women-focused wealth advisor, it is my goal to help you get educated. I will work with you to help you play an active role in your financial well-being, offering you expert advice so that you can bridge the financial gap and be better prepared.