Taking Control of Your Financial Future as a Female

Only 35% of women feel confident in achieving their long-term financial goals, particularly when it comes to choosing the right financial product.[1]

Whether it’s retirement, protection or general financial planning, there are gender disparities that factor into the long-term.

Planning your future financially is no small task, and trying to adapt your financial safety net to suit shifting circumstances both personally and economically is challenging at the best of times. 

With women living longer than men, having significantly lower income as they reach an older age in comparison to men and statistically speaking, having more career breaks[2] –  women’s finances can be complex to navigate!

The best first step to take?

Be proactive with your finances, rather than reactive.

For many women, the struggles of keeping up with daily expenses can often interfere with the long-term, meaning that often when a specific event occurs, women react in the moment. 

There are a lot of milestones that may prompt this reactionary thinking for finances, such as the need to buy a house resulting in planning for a mortgage, or seeing a loved one experiencing illness prompting considerations around life insurance.

It’s perfectly understandable for these situations to prompt you into thinking about your finances, but thinking ahead will benefit you more in the long run by giving you a better understanding of your financial plans and also more empowerment from them.

Here are a few tips on becoming more proactive with your financial future:

1) Strengthen your awareness

From seeking lost pension pots to taking count of your available assets, having a firm grasp of what you do have and what you might need is one of the first steps towards having more control over your finances.

If you look at your workplace pension plan, for example, and find the portfolio to be too generalisable and off-track, then you can start planning towards your unique end goal or ‘magic number’. 

It’s only when you know what you have that you can start planning to get what you want!

2) Don’t feel discouraged

Taking more time to involve yourself in your financial planning can possibly knock your confidence if you second-guess your decision making or feel a lack of knowledge around particular areas.

That is completely normal!

The best thing you can do is seek out the assistance of a financial adviser to help you gain clarity and confidence in the process, through collaboration and reliable planning.

3) Think of what you want in the future

Once you’re aware of what you have at your disposal and the changes you can make to ensure your finances work for you, then you can put this in line with your goals and objectives.

By thinking about what you want to achieve, you can start taking the steps necessary in order to plan for your future, without all of the usual stressors attached.

Financial advisers will always take into account where you are in your financial journey in order to adapt your plan to suit your circumstances and your goals!

We’d be happy to help you start taking control of your financial future!

1 https://www.closebrothersam.com/media/1969/the-financial-wellbeing-index.pdf

2 http://www.bristol.ac.uk/media-library/sites/geography/pfrc/pfrc0107-women-and-personal-finance.pdf

Sovereign Wealth LLP is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group’s wealth management products and services, more details of which are set out on the group’s website www.sjp.co.uk/products. Sovereign Wealth LLP is a Limited Liability Partnership registered in England and Wales, Number OC350767. The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives.