Key Financial Questions Every Woman Should Ask

According to research, women need to take several unique factors into account as they plot out their financial future: The likelihood they won’t be paid as highly as their male counterparts, possible career breaks to take care of family, higher health-care costs, and a good chance of a longer retirement due to the greater life expectancy of women than men. Therefore, it is important to make sure that as a woman, your money works hard for you during every stage of your life. Below are some of the most important questions you should ask yourself at different stages of your life.

During your 20s and 30s

Key financial questions every woman should ask

This is an important time in your life when you start your career and begin saving for your retirement.

How Do I Improve My Knowledge of Investing?

The main thing you can do here is to talk to a financial adviser or friends and family who have their finances in order. Create a group where you discuss your financial goals and any financial ideas that you might have.

How Much Of My Salary Should I Save?

You should aim to save around 15% of your salary each year.

Should I Keep My Finances Separate if I Marry?

Not all finances should be kept separate. Keep your mortgage and joint account in your names. However, you might want to consider keeping your pensions, one bank account and any credit cards in your own name.

Can I Be a Stay-at-Home Mum and Will It Affect My Financial Security?

If you have planned ahead and can cover your expenses then this is possible. It will make sense to discuss your plans with a financial adviser to see how it might impact your long-term financial security.

During Your 40s and 50s

PARENTS

How Do I Find a Financial Adviser I Can Trust?

Start by speaking with friends and family to find a financial adviser that they already trust. We also recommend you do your research before working with anyone. This would entail reading their online reviews, doing research on the firm they work for and making sure they are registered with the Financial Conduct Authority.

Once you find a financial adviser you feel you can trust, have an initial conversation with them to ensure they are the right fit for you. When speaking to them, discuss your career goals and retirement plans to get an overall sense of whether they would be able to create a financial plan for you and support you to achieve your financial goals.

How Can I Save for Retirement and For My Child’s Education?

Start by using an online calculator to work out how you can save for your future and the future of your children. Once you have a rough figure in mind, discuss it with your financial adviser to further define whether your savings goal is realistic amount.

In the UK, there are many different investment options available, so it’s important to understand what works best for you and your child’s education needs.

My Marriage is Not Good, What Financial Moves Can I Make Now?

If divorce is on your mind, it is important you seek for  financial advice early on to ensure you identify ways you can protect your wealth in a divorce. You will also need to look at how much money you have and how much you will need in the future and consider any joint accounts. But remember that if you do file for divorce, this will be settled in the courts.

How Can I Care For My Elderly Parents Without Risking My Own Financial Security?

It’s important to talk with your family and look at the options available to you. A financial adviser will also be able to provide you with options on what you can do to cover the costs of care.

Beyond Your 60s

Senior couple walking on the beach

Will It Benefit Me Financially to Continue Working Beyond Pensionable Age?

If you are capable of working beyond pensionable or retirement age, then you will be able to continue saving and paying into your pension. This will benefit you financially and give you more money in the future.

What if I Become a Widow? How Can I Remain Financially Secure?

It is proven that women live longer than men. It can be difficult to plan for losing a spouse but if you have both saved during your lifetime, have life insurance and pensions then you have done everything possible to remain financially secure. You should make sure that you have a Will in place and a Power of Attorney as this will enable you to make decisions should one of you lose the capacity to do so yourself. This will make it possible to make plans for the unexpected.

Need Help?

Your finances are personal so any financial plan should be tailored to your individual needs and goals.

Book your free, initial consultation with one of our financial advisers today to discuss your financial circumstances. We will work with you to create a bespoke financial plan that helps you make the most of your life and money.

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