A Financial Plan is Crucial for Rural Women
Having a financial plan is crucial for rural women. Even if they’re homemakers and their significant other is the primary breadwinner, a financial plan is a must-have.
Whether women are partners in a farm, running a household, or taking children to and from school and activities, it’s important that they think towards their future and retirement and make sure that a plan is in place for their financial health.
More and more women who are 65+ in age find themselves on their own, often still with a mortgage payment, living from pension to pension, penny-pinching and trying to survive. Other young women are helping out with a family farm, but if something happens to their husband they’ll be left without enough financial resources to make ends meet.
In addition, the financial industry is sending mixed messages—encouraging people to invest then spend then worry about the future then relax, so it can be very confusing.
It’s important that women have a candid conversation with their significant other about the challenges that might be ahead should something happen and how they’ll plan for those challenges.
Significant Challenges and Tremendous Opportunities Ahead for Aged 55+
Susan Feldman and Harriet Radermacher from Monash University released a report, Time of Our Lives, which outlines that financial security, lack of public housing, and housing unaffordability are big challenges for women aged 55 plus. The report also outlines the tremendous opportunities that lie ahead, such as flexible work opportunities and improved health and longevity.
Their report reveals that much more research is needed in the area to truly understand what steps need to be taken to overcome circumstances that lead to the challenges, including the superannuation system, family violence that leaves women vulnerable and at a disadvantage, and the casualisation of the workforce.
In rural areas, there needs to be more understanding of the challenges women face in order to create financial security. Challenges such as childcare availability, distance from work, and nearby work opportunities. These challenges vary from place to place.
While we don’t have the answers to all of these challenges, piecing together a plan and staying up-to-date on opportunities and outcomes can be a significant benefit in ensuring women have secure financial futures.
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