Empowering Women in Retirement: The Importance of Financial Security by Titilola Bashorun
A report by the United Nations Women on “Protecting women’s income security in old age: Toward gender-responsive pension systems” emphasised the need for women to be financially empowered in their retirement.
The report reads in part:
“Ageing has a female face. Women not only live longer than men but are also less likely to enjoy income security and economic independence in old age. Because of a lifetime of economic disadvantage, older women end up with lower incomes and less access to land, housing and other assets that would help them maintain an adequate standard of living. In most countries, women are less likely than men to receive a pension at all, or they have lower benefits.”
Women play an indispensable role in the family and community at large. The normative roles of women extend beyond reproductive functions. She is a wife, a mother, a daughter, and many more. Women are managers of resources; they hold the capacity to make a career in their chosen field and, at the same time, financially support their families.
But beyond these, Women are caregivers, leaders, support systems, providers, and helpers. They provide social, physical, and psychological support to the people around them. They are passionate about things pertaining to their family, workplace, and community.
A financially secure woman has enough resources to meet her basic needs of food, shelter, clothing, healthcare, and other living bills, handle financial hitches without risk to her well-being and still saves to meet her future financial obligations. A financially secure woman is readily available to serve her family and her community with her finances.
Being financially stable does not only apply to women still in workspaces; it is also a powerful asset for any retired woman. Financial security comes with the comfort and safety of not worrying about finances, even in retirement.
A woman who is financially secure in retirement is an embodiment of strength. She is precious to her family and society, enabling her to be better at everything she does.
This asset can be brought to life with a retirement savings plan. The primary function of a retirement savings fund is to provide a financial cushion against uncertainties, risks and unexpected circumstances that come later in life. One fundamental reason for this savings plan is building reservoir wealth and towards having a secure financial future. A pension plan helps to develop this secure future. The earlier you begin saving for retirement, the more time your money would grow and compound over time. This makes one more powerful in all spheres.
This is why it is essential that women work closely with knowledgeable financial advisors to guide them through choosing a retirement savings plan based on accessibility, growth, reliability, capability, and strong investment returns on their funds.
As the UN Women report stated, a woman is the poster child of an ageing future. But I strongly advocate that the picture should be that of an empowered, financially stable woman in a secure position to fend for herself, her dependents, and the community she is domiciled. An independent, naturally caring woman in retirement is an extension of kindness that has progressed. The ageing woman embodies wisdom, compassion and motherhood from which society and the younger generation stand to gain bountifully.
Given these realities, I am very proud to work at Leadway Pensure Pension Funds Administrators (PFA), as the provision of professional pensions administration, especially micro-pensions, holds the key to unlocking the potential of a financially secure woman in the future. I am delighted that my organisation is very committed to seeing the picture of ageing women in retirement pivot to refreshed, empowered, and substantially empowered women. Are you ready for this possibility? Contact our team of advisors on 01-2800800 or email [email protected] on how you can join the league of future-proof women at the Leadway Pensure PFA.
Happy International Women’s Day. #EmbraceEquity
Titilola Bashorun is the Head, Human Resources & Admin, Leadway Pensure PFA Limited