The latest research complied by ASIC confirms the number of women seeking financial advice in Australia is growing. We have also seen this at Boutique Advisers in Perth. In the past, a lack of confidence in making financial decisions, underrepresentation of female advisers in the industry and pay inequalities have been some of the barriers for women to actively seek out advice. Pleasingly, women are overcoming these constraints and seeking the guidance and support they need to make financial progress and meet life goals.
Planning for retirement
Women tend to live longer than men and as a result need to make sure they have enough savings and investments to support themselves when it comes time to stop work. With an increase in career opportunities and therefore income, the amount women are saving in their super funds has increased. Women are seeking advice on how to manage this effectively so that they have the retirement they desire and do not have to rely on government benefits.
Starting a Family
Taking time out of the workforce to have a family has a huge financial impact on a family if reducing household income to 1 wage. Savvy women are planning ahead to accumulate funds now to access during periods of maternity leave so that cash flow and expenses are not disrupted too significantly and the cost of preparing for a baby is covered.
Managing a Business
Female business owners in Australia have increased over recent times with 56% of women who start a business doing so for more flexibility around work-life balance. However, owning a business also means having financial responsibility for the finances and women are seeking advice to alleviate this burden and help with cash flow, investments and taxes whilst also achieving the goal of flexibility in their personal life.
Life Transition
Divorce, widowhood and inheriting wealth are all triggers for women to seek financial advice during what can be a very emotional time. Having a trusted adviser to guide you through financial options and provide a clear path forward helps eliminate some of the overwhelm and unknowns of managing a significant change in life circumstances and finances simultaneously.
Improving Financial Literacy
Women are more than ever taking an interest and active role in managing their finances. Female-led advice refers to the action of women (whether single, in a relationship or other) to initiate the interest in seeking financial advice and improving the overall wealth position of the family. However, with so much information widely available for those seeking to improve financial literacy, this can sometimes lead to overwhelm and more confusion. Receiving advice enables women to progress their own understanding and make confident clear financial decisions for their future.
Receiving financial advice can help women feel more empowered about their financial situation. This is especially important for women who may have been traditionally marginalised or disadvantaged in the financial world. With the right guidance and advice, women can take control of their finances, improve financial literacy and make confident life decisions. If you would like to have an informal chat about how financial advice can help you, please get in contact with Jodi at jescudier@boutiqueadvisers.com.au
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