Conquering Women’s Fears Around Finances

Happy women’s history month confidante community! Jackie and Jin are back with another live episode to discuss conquering women’s fears around finances. They started off the episode jamming to Beyonce’s “Who run the world” which is what inspired the conversation. They also talked about some challenges women are facing with their finances since coming out of the pandemic.

Women take off more time to raise children and do most of the non-paid work in a household including take care of children and household chores. Every woman should look to build wealth for long term financial security considering that the society has not overcome the gender pay gap for women and women tend to live longer than men. Patriarchal judgment also makes it hard for many women to conquer some of limitations society often places on them, which erodes their self-confidence even more. With all these headwinds to deal with, its no wonder so many women put off dealing with their finances or avoid it altogether. TJP wants to change this. We are committed to improving the financial futures of the women we serve. Read on for our top tips on how we help our female clients overcome their fears and build long term wealth.

 

What are some real life cases and how did we help our clients overcome?

We work a lot with women who are going through a divorce and who worry about the impact the divorce will have on their financial future. We help them work out how a specific negotiation may reduce or increase their financial security so they can see the big picture in terms of the settlement, on how it will affect their long term financial health.

We help them see clearly how much is feasible to put aside for bigger goals like retirement.. We have also noticed that people in these situations do not anticipate the loneliness that the process brings now they are having to make major financial decisions on their own. Having someone to talk through the numbers with eases a lot of stress and gives so much more peace of mind when your armed with numbers in a divorce negotiation. We also want to ensure you understand what the numbers mean, by showing you the impact on your overall finances instead of just telling you about it. Engaging you in your numbers it important to us as we want to empower you to feel confident about your future!

 

Lets talk about insurance and how this is impacted

A lot of clients who are going through a divorce seem to not be sure about how life insurance could benefit them should something happen to a partner in the future. In a case where a couple is separating, you can go to the court to ask that the insurance policy premiums be apart of the settlement so that the spouse making child and or spousal payment is insured. This will give you security that should your ex pass away, your family’s financial security is intact. Many divorce lawyers may not be aware of this and it may be challenging to maintain or get coverage in place on your ex, after the divorce is finalized as you will need their consent to do this.

 

Retirement for women

When it comes to retirement planning for women overall, we find that they tend to worry about outliving their assets. Our job is to create conservative scenarios that show modest returns, assuming their ideal lifestyle, and a realistic inflation projection and a longer life expectancy. We stress test this scenario making by planning for healthcare, costs and reduced returns in the markets so our female clients can sleep better at night knowing they will be ok no matter what happens in the future

With a lot more volatility in the investment market the last 5 years, there has never been a better time to start working towards a financially secure future. We need to realize that our wages are not matching up to the inflation and rising interest rates and that means that without a plan, we might be at risk of having financial struggles down the road. We help our clients to build their financial IQ and cut through the noise while educating them on opportunities to improve their financial position.

 

Ladies have you thought about what steps you need to take to get you to a good place financially, and also sets the stage for you to build wealth for long term? Take advantage of our 30-minute financial IQ building session today by contacting our client experience manager at jody.euloth@askjackie.ca