Monday, April 15

The Nigerian Woman and her Finances: 4 Ways to Ensure Financial Security

According to a report done by AXA Mansard and International Finance Corporation (IFC), women’s socioeconomic roles are changing as a result of their completing higher levels of education and more women entering the workforce. Between 2010 and 2020, the average salary for women grew nearly four times, giving them more control and influence over household finance than ever before. Nigerian women have also become a major driver of new enterprise growth. A higher percentage of startups and recently launched businesses are run by women, 41 percent for all women compared with 39 percent for all men;7 and significantly more women are traders or business owners compared with men, 18.2 million women versus 14.7 million men.

With women doing more in business, earning more, taking more financial responsibility, and making more financial decisions within households, women need to take intentional steps towards not only making more money but also making the right financial decisions and becoming more financially independent. In the spirit of International Women’s Day and Women’s Month, here are a few things women need to consider to achieve financial freedom.

  1. Take care of your health: Health issues can lead to a reduced ability to work or do business and consequently a reduced ability to earn, save, and invest. It is therefore important that women take care of their health deliberately. Women should endeavor to keep up with regular health appointments and check-ups, eat healthy, get enough sleep, and visit a doctor if there are any health scares or symptoms. It is often said that many people are ‘one sickness away from poverty’. It is therefore important that women have a safety net that will protect them from depleting their savings in the event of illness, and access healthcare at great medical facilities without having to spend their savings.
  2. Protect your assets:  As women work more and earn more, they will acquire assets such as cars, houses, etc. It is important to safeguard your assets and ensure that if anything happens to your assets, you have a cushion that will help you recover from such loss - insurance. Motor insurance will protect your car in the event of an accident, Fire insurance will cover your house and its contents in the event of a fire, flood, etc.
  3. Start investing: It’s time to get comfortable with the idea of investing. Start now to set your investment goals, understand various investments, and your risk appetite, choose investment solutions that align with your appetite, and start growing your portfolio. Investments ensure that your money grows and sets you on a path to financial freedom.
  4. Keep learning: In the famous words of Alvin Toffler, the illiterate of the future are not those who can't read or write but those who cannot learn, unlearn, and relearn.  Keep your mind open at all times and be open to acquiring new knowledge. Learning opens you up to new and great opportunities that can set you up for financial success

On this year’s International Women’s Day, AXA Mansard wishes you a Happy International Women’s day #InspireInclusion