Fact Two: Women Need to Prepare for Financial Independence
as much as Men Do:
These
days one does not hear so much about the "family breadwinner, "largely because
so many women either provide for themselves or make a substantial contribution
to the FAMILY INCOME. But what happens if your husband dies and his income dies
with him? Suddenly you are prevented from working. All to often the result is a
dramatic fall in the family's standard of living and in their quality of life.
And this happens just at the time creature comforts are most needed to soften
the blow. No amount of money can bring back a loved one, but quite small amounts
set aside regularly can make the difference between sadness and absolute despair
for you and your children. The only way to be sure you can cope is to do
something about it yourself-- to make sure you are adequately provided for.
Fact Three: Three out of Four Women have no Personal Savings.
Women are natural savers. Security comes very high on their list of life's
priorities and yet so few have actually managed to save anything at all. Others
have put aside a little in a savings account or building society which is fine
for short term savings but doesn't really offer a chance for the money to grow
into a worthwhile sum. Many who have saved watched the demand of the early years
of marriage swallow up their nest egg and never had enough incentive to replace
it later on, thinking that everything would be provided for.
Fact Four: Women live longer and so have a greater chance
of being left alone.
On
average a woman can expect to live longer than a man. For a married woman the
implications are obvious but a single woman will also face the possibility that
later in life she will have fewer friends and relatives around. In neither case
is this a time for financial hardship. Some women manage to lead active and
fulfilling lives in their later years even when living alone. But in the
majority of cases these are women who have made, or made for them, provision for
their financial security. It is possible to be happy, active and fulfilled on
the State old age pension. But this is not easy... especially these days Anyway,
State Pensions all over the world are being drastically reduced. The politicians
say with an aging population they are unaffordable (is there such a word?)...but
who can ever believe a politician! My advice: Take responsibility for your own
financial destiny. Make a commitment to save something out of your pay packet.
Fact Five: One Marriage in Three ends in Divorce,
Desertion, or Separation.
The
statistics of the divorce rate don't always prove that marriage is in a bad
state. In many instances they prove that women are no longer prepared to put up
with all that they were asked to endure. "Sorry guys, I'm off!" Unpleasant as it
may be, divorce often comes as a blessing. But it can never come as anything but
a tragedy if the separation means a lowering of standards, having to refuse the
family little pleasures they have grown used to. The woman who starts out to
plan her own future is not only able to cope if something should happen, but is
less likely to have it happen.
Fact Six: Thinking about what Might Happen Doesn't Make it
Happen.
"It's
morbid". "We don't want to think about it." That has been used as an excuse time
and time again. But not thinking about it won't prevent it happening. The time
has come to be positive. But taking a hard look now at your situation and doing
something about it won't be tempting fate. But it will be a positive step
towards making sure that no matter what life may have in store , good or bad,
you can rest easy in the knowledge that you can cope on your own if necessary.
And that's a feeling every woman in the country should get to know. Because
without financial independence most of the other rights women now have are
hardly worth having.
The Final Word
Whatever you decide to do about your financial security, DO SOMETHING. PLAN for
the future and let financial services products like life assurance work for you.
They don't have to be such a "drag" or a painful nuisance to you and your
family. One of the greatest human wants is a feeling of security... and only
life assurance can give you that peace of mind. As Winston Churchill once said
so well: " If I had my way I would write the words 'insure, insure, insure'
above every household door." Well being an "insurance man" for so many years, I
had to say that! In my next article we'll have a look at 'How to Buy the Right
Life Assurance for Yourself'. Exciting stuff, eh!
Hope this information has been helpful to you. Good luck*