Women are key financial drivers
(NC)—For more than a century the financial services industry has focused on men as the primary target for individual insurance and retirement savings. The tide has changed as women have surpassed men in their educational careers. A Statistics Canada report from 2007 stated that 61.5% of undergraduate degrees and 54.6% of master's degrees are held by women. As a result, women have become the dominant economic force in our society.
According to Mike Aziz, vice president of sales at Desjardins Financial Security, women's purchasing power extends to all areas because they tend to control of most of these decisions for themselves, their families and other dependents. In fact, women influence:
• 91% of home purchases
• 80% of health spending
• 90% of financial decisions
Actually according to a study by the Boston Consulting Group, Canadian women control 67.2% of all household spending. That's a lot of purchasing power in our economy.
"What's interesting is that while many women today are able to assert their independence through their lifestyle and career choices, many still find personal financial planning to be very stressful," said Janey Leslie, a certified financial planner with Desjardins Financial Security. "Statistically, women live longer than men, they play a key role in family care-giving and decision-making, but they are often in a more vulnerable financial position. So, it's essential that women create a financial plan that can support their current and future needs and lifestyle."
• First, think about what you would need financially to protect your family in case of an emergency like an illness or a job loss.
• Second, know where your money's going. Review your budget to identify any wasteful spending and make a goal of paying down your debt once and for all.
• Third, create a savings plan for your retirement and for a rainy day
• Fourth, review your life insurance coverage. Products like disability insurance, extended medical insurance and critical illness insurance allow you to focus on healing instead of your cash flow.
To learn more about creating a solid financial plan, talk to your financial advisor. Or for more immediate answers, visit Desjardins Insurance online at www.desjardinslifeinsurance.com.
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