Financial freedom is
two sweet words to anyone, men or women alike.
Says a motivation speaker, “Money is not everything… if you have a
lot. Money is everything… if you don’t
have it.” With rising costs in living
standards throughout the world, it becomes crucial to ensure that our income
generation rises in tandem or exceed our financial needs. This is even more important for women who
have longer life expectancy than men.
In Malaysia, women are expected to live 5 years longer, as
their life expectancy is 76 as compared to men at 71. Therefore it is necessary for women to secure their own financial
freedom particularly in the circumstances of retirement. “The days of women depending on their
husbands to plan their future are over. Women have to start to control their
own financial planning,” advised YB Datuk Seri Shahrizat Abdul Jalil, Minister
of Women, Family & Community Development.
According to a recent
survey from the Ministry, 38.7% of women contributed to EPF, 69% held savings
account, 48.8% saved by purchasing jewelries, and 30% had insurance coverage of
any type. These figures could still be
greatly improved to assist women in planning for their future financial
freedom. One effort by the government
is by establishing funds and loan schemes to encourage more involvement from
women in businesses and entrepreneurships.
In Sarawak, there is
an increasing trend in the number of elderly women. Based on the findings from a research on “Aging in Sarawak:
impact, needs and emerging issues,” undertaken by UNIMAS and commissioned by
the Ministry of Social Development & Urbanization, the ratio of elderly men
to women in the state was 55,300 to 53,300 in 1980, but this ratio has changed
to 83,600 to 98,300 in 2000. Thus it is
important for women to start planing their financial freedom now.
