Women are more likely to be poor in old age and financially dependent on their partners. But you can change that. For this purpose, learn about effective retirement provision options and financial independence for women. Because the sooner you take care of your financial freedom, the better armed you are against poverty in old age.

Retirement provision and financial independence for women

Although the image of women and gender roles have changed significantly in the meantime, women still lose out when it comes to retirement provision and financial independence. Because too seldom do women deal with their financial security. And too often it is still the man who is associated with power and money. Poverty in old age often affects the female sex. So that you can prevent poverty in old age and financial dependency on your partner, we have collected possible reasons and tips for effective retirement provisions for women. So take your financial independence into your own hands.

Reasons for poverty among women in old age

Poverty in old age is mostly female because women receive an average pension of only 645 euros per month. While men get about 60 percent more money. But why is it that women are more often affected by poverty in old age? The reasons for female poverty in old age are usually the lifelong financial dependency on the partner and the following:

• Voluntary resignation from work
• Unpaid care work
• Loss of work during pregnancy
• Tax law: Spousal splitting
• Boomerang effect in child support law
• Social professionals are usually paid less
• Women-unfriendly work structures in companies
• Women’s lack of financial awareness

1) Marry and have children

For many women, getting married and having children is actually still financial security. And in the end, everyone has to decide for themselves. However, this does not give you true financial independence. Because without your own account and your own pension scheme, you are dependent on your partner. And children cost money too. Even if you have decided on this model, you should take care of your retirement options just in case. Also, read useful savings tips for debts in times of financial crisis.

2) Invest in your own education

It’s never too late to invest in yourself. Accordingly, you should invest better in your education than in other consumer goods. A career change can make sense. Or find out how and whether you can continue your education in your profession. Further training often enables professional advancement or an improvement in the financial situation. In this way, you can ensure the good old-age provision and your financial independence in the long term.

3) Overlook finances as a retirement option

Also, one of the first ways for women to save for retirement is to keep an eye on their finances. Therefore, leave your financial independence to no one but yourself. If you don’t have an overview of your money, it will be difficult to escape poverty in old age, and unfortunately, this affects women more often than men. The beginning is the hardest. But once you have mastered this step, your self-confidence will grow and it will be easier for you to ensure your financial independence.

4) Educate yourself about financial independence

If you don’t even know what pension options there are for women, you can find out more on the Internet. Many other women are now offering workshops and seminars on women’s financial independence. They help you and support you in your project to prevent poverty in old age. Books or podcasts can also provide you with the necessary information. As a result, we have an overview of good offers and tips for your retirement provision:

• madamemoneypenny.de – With her own success story, the founder Natascha Wegelin wants to encourage and support other women to become financially independent. You can get tips from their podcast, blog, or book, as well as complete a mentoring program and master the first steps for wealth accumulation.

• hermoney.de – Here you will also find everything you need to know about financial security for women and suitable retirement provisions. You can also find professional and female advice here to support you on your way to financial independence.
• finanzheldinnen.de – Is more than just a podcast. Because here you can read a lot of information about women and finance. The financial heroines want to show you that it can be fun to take care of women’s old-age provision.
• corinnebrecher.com – On this page, you will find good old-age provision options that you can learn with the help of webinars and courses. The main aim is to support you in investing your money wisely and generating passive income.

5) Keep your own account

If you do not yet have your own account, you should definitely create your own checking account. This allows you to keep track of your money and the associated income and expenses. In addition, it is usually free of charge, which is why it is worth having one even with a low income. But basically, it is one of the first and most important steps to getting your finances under control.