The 2022 Birmingham Games will feature more women’s events than men’s events. This is the first instance in the history of the Commonwealth Games that this has happened.
As female athletes take centre-stage at the games, we thought this would be a good opportunity to highlight why it is important to take into account gender when making financial plans. This is opposed to a one-size-fits-both-genders approach.
After all, women and men can be equal, but we’re not the same. Here are some clear examples why:
Women live longer than men
In Singapore, women can expect to live four years longer than men.
While it is theorised that this could be a result of biological differences due to both hormones and chromosomes, it is believed risk-taking behaviour and lifestyle choices are also at play.
According to research, males tend to consume fewer vegetables and more red meat; which has lasting health consequences. Younger males also tend to partake in more dangerous activities, which further the chance of mortality.
What does this means mean for women?
While it does seem like a good thing for women to live longer, it also means that they must plan out their finances to make sure they don’t outlive their savings.
Planning early for retirement, and having a diversified portfolio that generates cash flow, will allow women to live dignified lives, well into their golden years.
Women bear the long-term consequences of childbirth
While both parents are involved with the upbringing of children, only women will bear the physical and emotional damage that comes with pregnancy and childbirth.
Not only is carrying a tiny human being around for nine months punishing, but the hormonal, biological, psychosocial and emotional changes can also greatly increase the risk of post-natal depression.
In addition, while significant social progress has been made, there continues to be discrimination against mothers in the workplace. This can have lasting impacts on a woman’s career progression, as well as lifetime income.
If you ask us, this makes retirement planning even more crucial!
Women are more prone to certain diseases
Just because they generally live longer, doesn’t mean that women have an easy time either when it comes to health!
Many ailments plague women exclusively. Even more, affect women disproportionately.
According to the Singapore Medical Journal, women are 30 times more likely than men to develop a UTI. Breast, cervical and ovarian cancer claim the lives of many Singaporean women every year. In addition, autoimmune diseases also hit females harder. 78% of people who suffer from autoimmune diseases are women, it is also the fifth-leading cause of death in women younger than 65.
When it comes to facing these illnesses, prevention or early detection is key.
While many women have incredibly busy lives juggling multiple roles, routine health screenings remain one of the best ways to ensure no stone is left unturned when it comes to health.
Protect yourself and the women you love
Finally, while prevention is better than cure, there is no replacement for having a suite of insurance plans you can call to your aid when the tough gets going.
For instance, a comprehensive health insurance plan will help you cover your bills when you get hospitalised.
A critical illness plan can replace your income while you focus on your efforts on beating back nasty critical illnesses.
Finally, wealth accumulation plans can keep your income flowing, long after the day you’ve retired.