Welcome to the Proshare foundation blog, your plug to all things related to personal finance, financial literacy and inclusion. If you are just stumbled on this blog, trust us this is a journey you want to go on with us and if you are already a member of our community, we trust that you have been making good use of all information here to learn, unlearn and relearn, we certainly hope you have been making smarter financial decisions too?
Today, we want to continue in our series as it relates to women and finance. For far too long, we have been sold the narrative that women are certainly to be treated lesser and this plays a key role in the earning power of women. Are you a woman thinking it is okay to limit what you can have financially or that you are incapable of making and managing your own money yourself? Before you spiral; hold that thought!
It is true that the odds are mostly stacked high against women; it almost feels like you try so much, you can’t earn better, or you cant manage your money better or whatever other ceiling society has unconsciously imposed on women across the world and these are some of the unifying challenges women have that affects in a large part to having financial freedom.
Most women earn less –
We are thankful there are people all over the world making good progress towards gender equality and one of the benefits of which addresses equal pay for both gender. This is a known fact in Nigeria and most parts of the world that for the same role, the odds that a woman will earn at par with a man is very slim. However, we trust that gradually the world is able to embrace the equality of genders and have this reflect in how women are compensated for work done.
Women have a longer mortality –
Statistics show that women may retire earlier than their male counterparts, however they live longer. Women living longer means they most likely outlive their spouses and this means the burden to be more financially secure is one most women have to deal with. It is especially sad when a woman has to deal with this at a later time in life when their earning power may have reduced drastically. This is why at PFDN, we advocate that it is never too early to start your journey towards having a healthy personal finance.
Career Breaks –
The question is not how hard women work or efforts invested at building a healthy financial nest for themselves, the reality is a career break may impede on that plan especially given the natural cycle of women. Most career breaks taken by women is usually done to be a caregiver, either as a mother to her children or in the care for the elder / sick. Another reality is the fact that by the time most return back to active employment, they are willing to trade work hours for quality time in raising their children hence may not necessary earn adequately.
It is a known fact that there are more divorces these days than there were some years back. The financial impact of divorce is quite significant and presents unique considerations ranging from spousal support which is grossly lacking in this part of the world, division of assets which is never adequately spelt and of course estate planning issues to mention a few.
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