There are now very practical, user friendly guides to investment planning written specifically for women.
TODAY's finance editor Ross Greenwood and financial empowerment coach Linda Coates join the show to offer tips on how to better organise your finances.
"Women are earning more than ever before and are in the work force much longer than their mothers were. They are the fastest growing sector of the property market and are investing in shares more than ever," explains Ms Coates. "Despite all this, the majority of women aged 25 to 40 don't have a financial plan or an understanding of their individual road map to financial wellbeing."
"Women usually excel at looking after the needs of others, but they need to realise no one is looking after their future," says Ms Coates. "Women need to put themselves first."
"Women face some unique struggles when it comes to finances because of the different situations they face during their lifetime, each with financial implications," she says.
"Women move in and out of paid labour force more frequently, traditionally bear the main responsibility for rearing children and take on the added financial burden of caring for aging family members," she explains.
"This is the biggest financial challenge women face," says Ms Coates. "Women need to start with how to establish financial independence when they are first starting out, then how to maintain that financial independence in marriage, how to survive a divorce or death of a spouse and how to invest with confidence to ensure a secure retirement."
"There are several ways women can take charge of their finances," says Ms Coates. "By committing to personal budgeting, eliminating and consolidating loans, implementing savings an investment programs and having efficient and appropriate tax structure, women can really get a stable financial structure in their life."
"I'm quite passionate about this," says Mr Greenwood. "Women have the system stacked against them in most professions, still in Australia today."
"Small changes in how you address the money issues in your life can really make a world of difference in your financial peace of mind," says Mr Greenwood.
HOW CAN WOMEN TAKE CHARGE OF THEIR FINANCES?
By committing to:
- Managing cash flow (personal budgeting)
- Controlling bad debt (eliminating/consolidating loans)
- Implementing savings and investments program (good debt)
- Managing risk (appropriate insurances and legal structures)
- Estate Planning (wills and powers of attorneys are up to date and relevant to your situation today)
- Addressing Taxation (efficient and appropriate tax structures)
