FACT ONE:
MOST OF THE FINANCIAL HARDSHIP EXPERIENCED BY WOMEN IN LATER LIFE IS DUE
TO SOMEONE REFUSING TO FACE FACTS EARLY ON.
These days there is no need for any woman to spend the second half of
her life with a lower standard of living. Yet many still do. This is
because they continually defer the decision to do something about
preparing for their financial future until it is too late.
In some instances it is because a woman doesn't know exactly what
financial provision has been made for her, or feels awkward asking. Or
maybe she doesn't marry, in which case she MUST provide for herself, but
fails to do so. When you are young, healthy and enjoying life, it seems
unnecessary to be thinking of putting something aside and there is
always something else to spend the money on. With good luck of course
you may never need to bother. But trusting in luck is no way to provide
for your future, how often has luck let you down in the past?
Life, as 'they' (who is 'they'?) say, is what happens to you while you
are making plans to do something else. (Think it was John Lennon who
uttered those wise words.) So it is better to make provision for the
unexpected, because the older you get, the more the unexpected happens.
FACT TWO:
WOMEN NEED TO PREPARE FOR FINANCIAL INDEPENDENCE JUST 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".
No matter where you are floating down the river of life,
make a PLAN to achieve financial independance.
Then put it into ACTION
About the Author
Craig Lock
My various books are available from:
http://www.nzenterprise.com/writer/books.html
and
http://www.novelty-gift.com/
Creative Writing Course
http://www.nzenterprise.com/writer/creative.html