It’s a well known fact that
statistically women live longer
than men, but what does this
mean when it comes to financial
preparedness?
Yvonne Clarke from Quantum
Financial says women need to
think carefully about Kiwisaver
and planning for retirement.
“For women, we live longer than
men therefore need more money
in our retirement,” she says.
According to Statistics NZ, the
current life expectancy of a female
is 84 years compared to 81 years
for a male.
“Even receiving a Government
super, most women still rely
on their savings to support
their retirement,” says Yvonne.
“Those 3 years can make a huge
difference to someone who is
already dealing with the loss of a
spouse.”
“You can never be too cautious, it
sounds harsh but it can become
a reality all too easily for some
women.”
Divorce and separation later in life
can also lead to financial difficulty
says Yvonne.
“Women have time off to have
children and periods where they
haven’t worked, which means
they have less money put away in
Kiwisaver. This can put them into
strife for something that
was a family decision at
the time.”
Yvonne says the number
one tip she gives women is
to be involved in the family
finances.
“Be involved and talk about
money, don’t let money be
A recent survey from Massey
University has said that the
average person needs to have
saved $101,774 by the time
they’re 65 to bridge the gap
between superannuation and
covering basic expenses.
Yvonne says blended families can
complicate things further.
“When you’re relying on your
spouses assets to help cover
expenses, it could come as a
shock when other family members
gain inheritance.”
She says this is why it’s so
important for women to be
involved in asset planning.
Protecting
your Assets
a single-person decision- you make
decisions as a family.”
Yvonne Clarke is a Mortgage
Broker for Quantum Financial.
The
team
of
experienced
Northland
financial advisers
specialising in independent mortgage
advice.
For more information visit www.
quantumfinancial.kiwi.