In recent years, Feminism has become a hot topic.
This is partially because of increasing number of blockbuster movies featuring female superheroes like Wonder Woman and Captain Marvel.
Gal Gadot as Wonder Woman, Warner Bros.
While female superheroes are dominating the big screen, women are generally not as successful in the workforce as their on-screen counterparts.
According to a 2018 article by Channel News Asia, in Singapore, women continue to be paid less than their male counterparts.
ValuePenguin, a company that specialize in data analysis, have analysed data from the Ministry of Manpower, and put the median male monthly salary at S$3,991 compared to that of S$3,382 for women; representing an approximate 18% income parity.
What are the reasons for this existing wage gap?
One of the reasons is because in Asian Tradition, men are expected to be the breadwinner and women are expected to be the homemaker.
Although many young Singaporean women are highly educated, most of them choose to prioritize family over career when they get married, especially after giving birth and becoming mothers.
While such sacrifices are often necessary, women ought to play an active role in managing their finances.
Why Women should play an Active Role in managing their Finances
Women have a longer life span than men. With greater earning power today and equal share of caring for a family, it is crucial that women understand financial planning for themselves first, then for their family.
Every woman’s financial situation is different, but if she understands what financial planning is about, she can be more proactive in financial decisions like buying a new car or property; or deciding which school to send their kids to.
Proper financial planning not only gives you the independence of managing your finances (either as a single or couple), it also provides the security of being financially stable in the event of an unplanned career switch or the unexpected medical bill. In addition, you can take charge of your own retirement.
With better understanding of the markets and investment strategies, you can also potentially earn dividends and create regular streams of income as a result.
Consult with a trained financial planner if you need more comprehensive, step-by-step guidance on financial planning today.
