INCREASING numbers of women are thinking about their financial futures.
Arrive Wealth Management (formerly Pricewaterhouse Coopers Financial Planning) senior adviser Jason Farrow said more women were becoming very financially “savvy”.
“Up to 30 per cent of our net-worth clients would be female,” Mr Farrows said.
“Women are starting to drive the process about getting advice. I would say three out of 10 of the clients I talk to would be women; about three to five years ago it was one out of 10. I can see a situation where it will be 50: 50.”
He said financial institutions were marketing to young female executives just as much as they were to male executives, but suggested women needed to think differently when planning their finances.
“Women are as qualified, intelligent, and career orientated as their spouses but have shorter working years,” he said.
“Women are more likely to accumulate a lot of different super funds because they are in and out of the workforce.
“If you are trying to achieve the same nest egg as men you need to contribute early. You can do that by a salary sacrifice.”
However, Mr Farrow said because money put into super could not be taken out until retirement, an early contribution option should be measured against family options such as a mortgage.
For further advice on financial planning or to find a certified financial planner, visit the Financial Planning Association’s website at www.fpa.asn.au