In 2024, people in Ireland are living longer, healthier, and more active lives than at any point in the past, which is great news. It also means it is increasingly important to plan for our financial future. Women in Ireland live on average longer than men, so it is important that women in particular plan for their long-term financial wellbeing. Our latest issue of Reflecting Ireland reveals women are behind men when it comes to having a clear long-term financial plan or having savings, pensions (other than a state pension) or financial investments. Why is this?  Because when it comes to making decisions of this kind, women are:

• Less confident
• Less comfortable talking to others about money matters, and
• Less likely to follow through on their own good intentions.

Most women intend to plan for their financial future but are less likely than men to get around to it. Approximately 1 in 3 women intend to start saving or start a pension but haven’t got around to it yet, and 1 in 4 intend to invest financially but haven’t yet done so.  Women lead busy lives. Working women struggle to achieve work-life balance. It’s easy to see how life can get in the way of good intentions.  However not planning for our financial future that can leave women at a disadvantage.

We’ve teamed up with Claire Cogan of BehaviourWise to help anyone, but particularly women, bridge the gap between intending to put a long-term financial plan in place and actually doing so.

1. Make an appointment with a financial advisor:

1 in 3 adults in Ireland have never spoken to a financial advisor, yet we know those that receive professional financial advice have more confidence in their financial decision-making and enjoy better financial outcomes (1). A financial advisor will review your financial situation taking your circumstances into account and recommend what’s best for you. Make sure to speak to a financial advisor that is regulated by the Central Bank so that you have some protection if things don’t work out.  It is easy to check this on the Central Bank website – browse a list of financial advisors or type in the name of an advisor to check if they are registered:

Firm Search (centralbank.ie)

Call PTSB today on 01 215 1390 or pop into one of their 98 branches nationwide to kick start your financial planning journey with one of their Financial Advisors.

2. Prepare:

Before meeting your financial advisor, do some preparation to ensure you both get the most out of the meeting. Think about 4 things:

1. GOALS: What are your financial goals? For instance do you want to buy a home, save for your children’s education, pay off debt, go on the trip of a lifetime, set up a business or enjoy your current lifestyle into retirement? Prioritise what is most important to you.
2. ASSETS & INCOME: List your assets and income, and gather useful documents such as a payslip, bank statement, etc.
3. LIABILITIES & EXPENSES: List your liabilities (money you owe), and summarise your expenses. Make a note of your typical living expenses each week or month.
4. CONCERNS: Think about your financial concerns - what are you most worried about?

Armed with this information your financial advisor will be able to work out what is best for you.

3. Build your plan:

Build a financial plan that allows you to:

• Manage your day-to-day expenses
• Access some cash quickly if something unexpected happens
• Make any money you have left over work for you over the long term

Ultimately a financial plan should help you fund your lifestyle and achieve your long-term goals.

4. Take the first step:

If you intend setting up a savings account or pension fund, or exploring a financial investement opportunity but haven’t got around to it yet, take the first step. We often experience status quo bias which means we find it easier to just leave things as they are. The first step is always the hardest. Once you have made that leap the rest will seem easier.

5. Spread the word:

Once you have a long-term financial plan in place and have taken a first step along the journey, you wll feel more in control of your finances. This will bring peace of mind and pave the way to a more comfortable financial future. Think of friends or family members that may benefit from some financial planning. A gentle nudge is sometimes all it takes to encourage them to take the first step.

(1) Value of Advice: Laying the Foundations for Personal Financial Stability. Brokers Ireland, 2021.

The content of this blog does not constitute advice and is for general information purposes only. Readers should always seek professional advice before relying on anything stated in the blog. Some of the links above bring you to external websites. Your use of an external website is subject to the terms of that site.