The theme for International Women’s Day 2024 has been decided as ‘Invest in Women: Accelerate Progress’ according to the official website of the United Nations.
Women from the past till now has always been the pillar of a family. Women be it working women, working mum or housewife, often play the role of being the care giver in a household. And many a time when there is a need to stay at home, be it for the children or elderly parents, women is often being the one who are asked to stay at home to look after the family members.
Thus, it is important for women to be proactively taking control of their finances.
1) Women live longer and thus will need more money for retirement and medical care.
2) In the event of marriage breakdown, women may lose their insurance coverage when the spouse is the policyholder. The policyholder may stop paying premium for the women and resulting in lapsation of the policies. Thus, it is important for women to be the policyholder of any plans she bought. The payer can be the spouse.
One of my referrals found out this the hard way. Her ex spouse lapsed her hospital plan. She developed depression after the marriage breakdown. When she looks into her insurance coverage, she realised her ex spouse didn’t pay for her premium. She was declined to buy a new hospital plan as she has depression.
3) If the women has always been a stay at home mum, the women may have difficulty looking for a job in the event the spouse passed away.
4) Women shld participate in knowing the financial planning and situation of the family even if the spouse is the one in charge. The women need to take charge if it concerns her own plan eg Hospital plan.
A client’s mum didn’t buy any hospital plan as her late husband said it is not necessary. Years later, the mum develops multiple medical conditions and requires treatments from 3 different specialists. The children are now looking at the hospital bills of $100k.
In this Women’s day, I hope we can invest more into Women’s financial health, mental well being as they are often overlooked for all the things they have shouldered upon. They are certainly our Hero as we can’t spell HERO without HER!
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Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.
When I first started as a financial adviser in 2005, I had approached my warm market that consists of immediate family, relatives, friends, ex colleagues and schoolmates, to engage in my financial planning services. Through my sincerity, diligence, professionalism and unbias advice, these people engaged my financial planning services and also in turn referred their families and friends to me.
Thus, referrals have become my main source of acquiring new clients.
I am happy to share that majority of the warm market whom I have approached remain my clients till today. Those clients whom I have acquired through referring, we have deepen our relationship from adviser-client relationship to friendship. I have attended numerous weddings, full month celebrations and birthday celebrations of my clients. Sometimes, an annual review session is more like a chat up session these days.
I aim to build a long term relationship with my clients and to provide the most suitable solutions to their financial situations.
I want to be someone whom my clients can trust in both good times and bad times.
