Women and Wealth: financial security for women means being prepared for the unexpected
“Women can, and should, prepare themselves for financial surprises in life,” says Karen Hubbard, Vice-President, Client Advisory Services, Educators Financial Group.
They say, “the only constant in life is change”. So it makes sense for women to be financially prepared for anything. This includes losing your job, salary disruption, maternity leave, death of a spouse, divorce, and more. These major life events have more than emotional repercussions… they can have serious financial effects as well. As women, power and security come from refusing to be at the mercy of sudden changes. Here are steps you can take to be financially secure.
See your financial advisor regularly. If you have questions about your investments or debts – particularly before signing anything – ask for clarification. Review all of your account statements regularly, including those held jointly with your partner.
Ensure you have your own credit card. Federica Screnci, Educators Mortgage Agent Level 1 – Mortgage Specialist, says that she sees a lot of misunderstanding around how a credit card can establish a woman’s credit rating.
“Many women don’t know that being an ‘authorized user’ on a credit card does nothing to establish their credit rating. If you share a credit card, make sure it’s as a ‘joint’ user. Or better yet, have your own.”
Check your credit report, know your score and what affects it. This is critical because your credit score affects your chances of obtaining a loan. If it’s low, see what you can do to increase it. And if you find your report includes sources of credit in your name which you’re not aware of, contact your financial institution immediately.
pdate your passwords to online financial accounts on a regular basis, and do not share them with anyone.
ealize the importance of an emergency fund – funds you can access quickly. An Educators financial specialist can show you ways to establish and grow an Emergency Fund.
Educate yourself. Taking a maternity leave? You should understand pension buybacks. Filing for divorce? Find out how a divorce will impact your finances. Above all, make understanding your finances, your responsibility. You’ll find a wealth of information online, from easy-to-use financial tools to the federal government’s guide to finding not-for-profit debt counselling, and advice for dealing with bankruptcy.
Need a little help taking charge of your finances?
We’re here for you.
Having served education members since 1975, Educators Financial Group knows the unique elements that make up your financial world. This means no matter where you are on the pay grid, or what your pension income is in retirement, we can show you how to maximize your cash flow so that you can be better prepared to handle any financial challenges that come your way.
Reach out to one of our financial specialists today.
Take charge of your finances and feel financially secure (even during changing times) with these free online resources:
- Making a plan to be debt-free
- Getting help from a credit counsellor
- Insolvency counselling program
- The financial impact of divorce
- Maternity leave and pension buybacks
- Building and maintaining your credit history
- Setting up an emergency fund
In addition to being an educational advocate, Karen brings to the team over 20 years of financial specialist experience – spending a good part of that time as an advisor with the Private Wealth Management Division of a major financial institution. She holds a Bachelor of Commerce from McMaster University and has her Certified Financial Planner (CFP) designation. When describing what she enjoys most about working at Educators Financial Group, Karen says, “it’s definitely sitting down with clients – helping them to employ wealth-building strategies and build effective financial plans for life events.”