Set yourself up for financial success. In this video, you’ll see a presentation from Leslie McCormick, author of Bank on Yourself – Why Every Woman Should Plan Financially to be Single, Even if She’s Not.
My first interview related to the book Bank On Yourself: Why Every Woman Should Plan Financially To Be Single Even if She’s Not was with a personal finance columnist with a leading national newspaper. The question he asked was don’t the same financial planning principles apply equally to men? The question he was asking was: why do women need their own financial planning book? My answer was that while general financial planning principles apply equally, the circumstances that women need to plan for are different. Ninety percent of women will be solely responsible for their finances later on in life, due to divorce, widowhood or having never married at all. About half of marriages end in divorce. Cohabitating couples have separation rates five times that of married couples and the trend to remain single is growing quickly. PEW research has predicted that when today’s young adults reach their mid-40s and 50s about 25 percent are likely never to have been married. Whether by choice or by circumstance the trend to remain single is growing amongst women. The average age a woman in Canada becomes a widow is 56. For each widower there are approximately four widows in Canada. On average a baby boomer woman can expect to outlive her spouse by 10 to 15 years and on average a widow’s income drops by 40 percent. The fastest growing demographic in Canada are those over the age 100 and there are five females for every one male over that age.