Over the last few years, the financial industry has taken note that women are taking more responsibility for personal and household financial decisions. A recent article in the Toronto Star on the subject noted that 90% of Canadian women will find themselves in this role by way of personal lifestyle preference, divorce or by the death of a spouse. The article also stated that in 2017, Canadian women controlled $1.3 trillion of personal wealth.
Despite this wealth, women still run the risk of finding themselves in a vulnerable position financially, due to changes in:
- Health (personal or a loved one)
- Employment
- Other unforeseen circumstances
This is why it’s important that they consider meeting with a financial planner who can help them set up a financial plan that will maintain their current and future lifestyle.
Three things to consider:
- First, think about what you would need financially to protect your family in case of an emergency like an illness or a job loss
- Second, know where your money’s going. Review your budget to identify any wasteful spending and make a goal of paying down your debt once and for all
- Third, create a savings plan for your retirement and for a rainy day
