Women need to stop relying on their partners when planning for retirement, according to FMS Group financial planner Christine Hornery.
Hornery said a large number of her female clients did not have enough money to enjoy even a modest lifestyle in retirement, adding they needed to take control of their own financial future early.
“Many women are still tying their futures to the men in their lives and don’t consider what might happen if, for whatever reason, those men one day disappear,” she said.
According to Hornery, women are doing very little at the moment with respect to their financial future, especially when it comes to engaging with a financial planner.
“Even if women are doing something, as opposed to doing nothing, it is highly likely they could be doing it better with the help of a financial planner who can look at their situation from a strategic level,” she said.
Many Australian women have a mistaken belief they must sacrifice the quality of life today to have a satisfactory standard of living in retirement, but taking up strategic advice long before retirement can make a huge difference.
“Women are not prepared to sacrifice things like saving for a home, starting a family, going on holidays in order to have a comfortable living in retirement,” she said.
“What many don’t realise is if they have a plan, they don’t have to sacrifice anything. They can live the life they want to now and at every stage of the life cycle. As women, we plan for special events in our lives - our weddings, our children’s education - but we don’t plan for the biggest event of all: our lives.”