Insights into women’s distinct approach to financial planning
By Tiffany Havinga, Financial Planning Specialist at Chartered Wealth Solutions
I’ve had the incredible opportunity to witness how men and women bring their own unique perspectives to the realm of financial planning in my years as a financial planning specialist. These observations have unveiled intriguing trends that shape our understanding, says Tiffany Havinga, Financial Planning Specialist at Chartered Wealth Solutions.
Putting family and self first
A recurring theme that has caught my attention is the way women often prioritise their families’ financial needs above their own. This inclination, born out of genuine care, can sometimes lead to neglecting their personal financial well-being. It’s akin to the flight safety advice: secure your own oxygen mask before assisting others. In the world of financial planning, this wisdom rings true – strengthening your own financial foundation is crucial before extending a helping hand to others. Just as ensuring your own safety equips you for effective caregiving, focusing on your financial security provides the stability and resources to meet your family’s aspirations. This comparison highlights the essential role of self-preservation in financial planning, allowing you not just to look after your loved ones, but also to empower them to look after themselves.
Embracing life planning
Another notable observation centres on how women wholeheartedly embrace 'life planning', intricately weaving their financial decisions with their personal dreams. Women, I’ve noticed, bring a unique resonance to life planning. They approach it with an attentive perspective, carefully assessing the early stages of discussions. This tendency might come from the careful thought they’ve put into planning their upcoming life stages. I also find that women are aware of (and quite realistic about) the impact that significant life transitions may have. This perspective allows them to tackle challenges head-on because they are not caught entirely unaware.
A new dialogue about money
Excitingly, the conversations surrounding money are shifting. Women are taking the reins, venturing beyond mere numbers and intertwining money with life goals.
Please contact your financial planning specialist if you have any questions.