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Four steps for financial security of women


Photo: Collected Photo: Collected

Four pieces of advice can help for ensuring financial security of women .

Financial Health Review

Women tending to live longer than men, and years of research has proven that extra years mean additional funds are required to support their lifestyle, healthcare expenses and future goals. So, it is vital for women to check up their financial health.

Protecting oneself from financial elder abuse

Financial elder abuse, is type of elder abuse in which misappropriation of financial wealth or abusive use of financial control in a context of relationship with high expectations of trust. It is expected is becoming a common problem, and it is significant that ageing adults take protections to safeguard themselves. Recent studies express that women are twice as expected to be victims of financial elder abuse. One can help fight this awful trend by only being prepared.

Education

Studies show that divorce is naturally more financially devastating for women than men. Even if one is uninterested in finance, then she should start educating herself by working with an essential financial consultant who will help her to make dreams come true .
Saving More

Saving More

Women reduce work hours or leave work to raise a family, and take care of elderly loved ones or for unexpected medical causes. However, this income difference can lead to a 25% to 30% shortfall compared to men’s retirement savings. So, before retirement women should save as much as they can.

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