financial planning for women


Why Do You Need To Be In Control?

~ The average female in Hong Kong earns 25% less than the average man.*
~ Women live half a decade more than men
~ Divorce rate has been on the rise year after year

More women are and will be facing widowhood or divorce. Those who are depending on their partners to fill the gap of a lesser income may eventually fail to meet their personal financial goals such as to retire in comfort.

 

Planning as a single woman

~ Less dependents means the need for more disability and medical insurance, less life insurance
~ Less income and longer lifespan means you should start accumulating for retirement early. Don't just leave money in the bank-you might end up with less than you think you have because inflation will erode your purchasing power away. Instead, set up a financial plan that aligns your investment needs with your goal to plan for your retirement
~ Invest in yourself. You are your greatest asset. Take up courses and develop skills to increase your earning ability
~ While it is everyone's dream to live in a posh condominium or a resplendent terrace house, you need to carefully do your sums before committing to it. Assume a lower rate of growth for any property investment. In light of an aging population and government policies, capital gains and rental income are likely to be dismal.

 

Planning with your life partner

~ Many couples quibble over the spending habit of their other half. Others argue over who pays which household bill. A good way to share the family expenses is to maintain three accounts: one for your spouse, one for you, and one for the family expenses. This allows you and your spouse to have your own personal financial freedom and yet share family expenses proportionately.
~ The joy of a family comes with the responsibility of taking good care of your spouse and children, in health and even after death. This is where life insurance plays an important role in ensuring that life can go on for your family.
~ Estate planning will also help you to ensure that your children are well taken care of by a guardian appointed by you. A well-planned estate plan should also help to get your assets to your dependents promptly, and help to avoid unnecessary taxes on your assets. In order words, it helps you take care of your family even when you're not around.

 
Your Personal Financial Plan

Whether you are a single or married, a financial plan will help you to build up enough funds for you to achieve your personal goals. The plan will also put in place measures to ensure that your dreams and goals will not be dashed should any unexpected events occur. With a plan in place, you can make financial decisions with confidence as you will know the impact of each major decision on other areas of your financial health.

Start planning early in partnership with your licensed adviser; you'll never be alone in attaining your financial goals. Click HERE to arrange a complimentary meeting with an ipac adviser in Hong Kong.



This information presented in this website is of a general nature only and therefore does not take into account your current circumstances, financial situation, individual needs or personal investment objectives. Please do not act on any information in this website, but seek advice from your financial adviser. This information is subject to change.

 
 
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