Lifestyle

Financial planning: Is it different for women and men?

The average woman has a career and is financially independent. She keeps informed of her personal financial situation and knows how to take charge if things begin to slip out of control. Women often do their own planning and don’t hesitate to explore new ways to make investments, such as online investing.

However, women’s financial goals often differ to those of men. Generally speaking, their risk tolerance is lower. That is partly because of scarcity: a woman’s average salary is still only equivalent to about 80 percent of a man’s average salary.

Coupled with maternity leave and the need to miss more work days because of family responsibilities, they accumulate fewer savings than men during their active working lives. In fact, because of absences from the workforce, women accumulate 10 years less salary than men.

They also tend to live longer than men, which increases their need for retirement savings. And emergency funds are particularly important for women who may have need of extra reserves when required to be absent from the workplace.

All this means that women, in general, tend to be more careful with the resources that they have. It also means that it is in the best interest of women to plan their retirements earlier and more carefully than men do.

 

We encourage an open exchange of ideas on this story's topic, but we ask you to follow our guidelines for respecting community standards. Personal attacks, inappropriate language, and off-topic comments may be removed, and comment privileges revoked, per our Terms of Use. Please see our FAQ if you have questions or concerns about using Facebook to comment.

You might like ...

Race for city council seats opens
 
Rockets look to build on fast start to 2014 WHL season
 
Why You Should Stay In a Hostel In Europe, Not a Hotel
Dear Future Me,
 
Event celebrates cultural diversity in Canada and Prince Rupert
 
Welders receive certification at Prince Rupert campus
District tosses desks and chairs
 
Premier wants municipal pay to be election issue
 
Buy a paper and promote literacy throughout the region

Community Events, September 2014

Add an Event

Read the latest eEdition

Browse the print edition page by page, including stories and ads.

Sep 26 edition online now. Browse the archives.