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Money is important for women today, even though things are much better than they once were. However, there is still a financial gap in pay and overall financial education and security. From helping out those who need it to make sure you have what you need, here are some reasons.
Better Finances Means Improved Wellbeing
The stress of not having enough can drive anyone to desperation. However, debts and a low income have been linked to anxiety, stress, and suicide. Men worry about things, too, including finances. But money worries are the number one cause of stress in women. This is why savings, pensions, and investing are vital. Services like BuyAssociation Group offer insights into property markets and a stable and profitable investment pool if you have some spare money.
You Need Financial Independence
Whether single or in a marriage, there can be a rift when it comes to money. It isn’t uncommon for one partner to be in control of the finances. This doesn’t mean financial abuse, which is something different. Mainly, it relates to one partner just managing the money, which might be in their name only. This is common in relationships where only one partner works. Yet you need cash in an account for yourself and access to shared funds for independent spending.
Money is Important for Women with Life Changes
What would happen if your partner, the one who manages the household finances, suddenly died? You probably won’t be able to legally access any funds via their bank unless you have a joint account and you are named as someone with legal access. This is a problem for many widows, 60% of whom regret not being a part of the financial management at home. You may also experience money issues after divorce where your ex can take control and cut you off.
You May Have Fewer Resources
Depending on where and how you live, it is possible you would have fewer resources living as a single woman. Following your partner’s death or even retirement, this could significantly affect your life. A study in Switzerland found that retired women get around 32% less than men in financial benefits. Once you reach this point in life, there are few options you have to make more money to fill the gender gap. Taking control of finances earlier on is a massive help.
Being an Inspiring Role Model
For some reason, we aren’t taught how to manage finances in school. This means there are many young people who don’t have the slightest idea of what to do when it comes to savings, pensions, and even using credit cards wisely. You can be an example to the kids and other women. A survey of single mothers found that 37% are in worse financial condition compared to 24% of single fathers. Financial independence will encourage your kids to be the same way.
Your general well-being is linked to finances, which is a reason why money is important for women experiencing stress and anxiety. Being financially stable will also support you when life changes happen, such as divorce. You can be a money management role model for the kids.