{"id":11940,"date":"2025-03-07T10:04:17","date_gmt":"2025-03-07T02:04:17","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=11940"},"modified":"2025-03-07T18:30:02","modified_gmt":"2025-03-07T10:30:02","slug":"international-womens-day-financial-moves","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/international-womens-day-financial-moves","title":{"rendered":"Women And Money: What Every Woman Needs To Know"},"content":{"rendered":"

Women and men do not have the same relationship when it comes to money. For one, women are likely to have less of it. According to the International Labour Organisation (ILO), the gender pay gap stands at 20 per cent<\/a>, meaning women workers earn 80 per cent of what men do. For women with children, the gap is even greater.<\/p>\n

The disparity in income and roles in the workplace mean that women are likely to have less savings and are generally more hesitant to take risks when it comes to investing. Even though financial security is important to women, they are not proactive in securing their financial future for various reasons.<\/p>\n

As we welcome International Women’s Day<\/strong> on March 8, here’s what every woman needs to consider in order to secure (and expand) her finances.<\/p>\n

<\/span>1.\u00a0<\/b>A man is not a financial plan<\/b><\/span><\/h2>\n

<\/b>The notion that the only control a woman can have over her financial destiny is by securing a rich husband has been trumpeted across cultures since the beginning of time.<\/p>\n

Unfortunately, even the most successful marriages can end, either in divorce or death. No we\u2019re not talking murder, statistically women also tend to outlive their male counterparts. Either way, if a woman financially depends solely on her husband or men in her family, she\u00a0can be left vulnerable when that support disappears. This can happen through death, divorce or one of may unforeseen life circumstances.<\/p>\n

A dual-income stream, if managed properly, will allow couples to increase their financial security and forge a sound retirement plan.<\/p>\n

Read More: Get Your Finances Off To A Good Start As A Couple<\/a><\/p>\n

<\/span>2. <\/b>Take control over your finances<\/b><\/span><\/h2>\n

In other words, don\u2019t give your spouse total control of your money! Some women may be more than happy to let their husbands or partners handle all the accounting, mortgaging and bill paying in the household.<\/p>\n

However, keeping your finger on the finances can ensure your financial independence<\/a> and know-how. Women and money may seem an unlikely coupling, but your husband or boyfriend may not be around to take care of you forever. It is important for you to learn to function on your own.<\/p>\n

<\/span>3. <\/b>Those little bundles of love come with a price tag<\/b><\/span><\/h2>\n

Having children is expensive. Raising them, feeding them, paying for their school fees and those concert tickets\u2026 it can add up fast. Most parents know that raising a child isn\u2019t cheap, but many are still shocked to see the bottom line. You can learn more about how much it costs to raise a child<\/a> and start planning your savings.<\/p>\n

If you already have children, it may not be a bad idea for you and your partner to get life insurance, and of course, to start thinking about ways to save for your child\u2019s education<\/a>! This goes without saying, the earlier you start, the better.<\/p>\n

<\/span>4.\u00a0<\/b>Don\u2019t overlook <\/b>financial compatib<\/b>ility<\/b><\/span><\/h2>\n

Differences in money management styles can ruin a relationship. This is because when you marry your significant other, you are marrying his or her financial habits (or baggage) as well.\u00a0 Financial incompatibility is a leading cause of divorce in the United States.<\/p>\n

Before tying the knot, it is important for couples to have a serious (and honest) discussion about their current financial standings, spending habits and attitudes about money<\/a>. How do you perceive spending, debt, making major purchases and the use of credit cards? Such information will help you reassess your long-term financial plans and help avoid conflict in the future.<\/p>\n

<\/span>5. <\/b>Your health is your most important asset<\/b><\/span><\/h2>\n

Your health is as vital to your finances as your job is. If you are sick, you can\u2019t go to work. If you can\u2019t work, you can\u2019t save and may even become a burden to your loved ones.<\/p>\n

Having health insurance<\/a> can help mitigate financial risk that can result from deteriorating health or terminal illness. One trip to the emergency ward can deplete your lifetime savings and put you in debt for years to come. Hence, it is important to factor in the costs of healthcare when evaluating your living expenses.<\/p>\n

<\/span>6. <\/b>Saving for retirement is a must<\/b><\/span><\/h2>\n

Retirement is expensive. Experts estimate that you will need at least two-thirds of your pre-retirement income to maintain your current standard of living when you stop working.<\/p>\n

Many of us have started to plan for retirement via the Employees Provident Fund (EPF). However, according to EPF statistics, an estimated 50% of retirees exhaust all their EPF money within five years of retirement.<\/p>\n

Consider better ways to grow your money such as investing in unit trust funds<\/a> and real estate investment trusts (REITs<\/a>) and private retirement schemes (PRS<\/a>) to generate higher returns. It is also a first step toward building an emergency fund.<\/p>\n

<\/span>7. <\/b>Know your credit rating<\/b><\/span><\/h2>\n

Your credit rating reflects your level of \u201cfinancial responsibility\u201d. It affects your ability to apply for a credit card, car loans, personal loans and to secure a mortgage.<\/p>\n

If your credit rating<\/a> is poor, you could end up paying a higher interest rate than normal if you were to apply for a loan. If your credit rating is really bad, banks may reduce the amount they lend you or may even reject your application entirely.<\/p>\n

Keep your score high by making your payments on time. If you have made late payments, call your creditor and try to have the late fees removed. Your credit rating can make a huge impact<\/a> on you financially.<\/p>\n

<\/span>8. <\/b>Stick to fewer pieces of plastic<\/b><\/span><\/h2>\n

Credit cards offer payment flexibility, are great for emergencies and generally come with reward features such as rebates or cash back and reward points.<\/p>\n

However, having fewer credit cards means having to keep up with fewer annual fees, government tax and interest rates. This may help avoid accumulating credit card debt<\/a> that can bring down your credit rating.<\/p>\n

Credit card rates and features vary from card-to-card, so make sure to choose one that suits your lifestyle best. The best way to find the perfect credit card for you is to compare through our credit card calculator<\/a>.<\/p>\n

If you\u2019ve already taken these steps to improve your finances, that\u2019s great! But if you haven\u2019t, that\u2019s okay \u2013 now\u2019s the time to start. Stay present and grounded and realise that you have the power to take charge and own your financial life. Happy International Women\u2019s Day!<\/p>\n

This article has been updated on March 7, 2025.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

Malaysian women generally make less money than their male counterparts, have less savings and are more hesitant to take investment risks. <\/p>\n","protected":false},"author":1,"featured_media":67341,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[11,227,1,218,245,240,29,230],"tags":[2606,2608,767,766,281,2607],"class_list":["post-11940","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cards","category-credit-card","category-investment","category-money-management","category-reits","category-retirement-planning","category-savings-account","category-unit-trust","tag-internationalwomensday","tag-iwd2025","tag-lifestyle","tag-money-management","tag-parenthood","tag-womensday"],"acf":[],"yoast_head":"\nWomen And Money: What Every Woman Needs To Know<\/title>\n<meta name=\"description\" content=\"Malaysian women generally make less money, have less savings and don't take investment risks. 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