Women need to stop relying on men, says planner

financial planner financial planning retirement

11 November 2013
| By Melina Gouveia |
image
image
expand image

Women need to stop relying on their partners when planning for retirement, according to FMS Group financial planner Christine Hornery. 

Hornery said a large number of her female clients did not have enough money to enjoy even a modest lifestyle in retirement, adding they needed to take control of their own financial future early. 

“Many women are still tying their futures to the men in their lives and don’t consider what might happen if, for whatever reason, those men one day disappear,” she said. 

According to Hornery, women are doing very little at the moment with respect to their financial future, especially when it comes to engaging with a financial planner. 

“Even if women are doing something, as opposed to doing nothing, it is highly likely they could be doing it better with the help of a financial planner who can look at their situation from a strategic level,” she said. 

Many Australian women have a mistaken belief they must sacrifice the quality of life today to have a satisfactory standard of living in retirement, but taking up strategic advice long before retirement can make a huge difference. 

“Women are not prepared to sacrifice things like saving for a home, starting a family, going on holidays in order to have a comfortable living in retirement,” she said. 

“What many don’t realise is if they have a plan, they don’t have to sacrifice anything. They can live the life they want to now and at every stage of the life cycle. As women, we plan for special events in our lives - our weddings, our children’s education - but we don’t plan for the biggest event of all: our lives.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

11 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 16 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 14 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 17 hours ago