It's a reality that many don't want to acknowledge: one of the most significant financial risks a woman can take is becoming financially dependent on a partner, especially when children are involved. The statistics are clear—about 50% of marriages end in divorce, and this number doesn't even account for de facto relationships.
This means there's a MASSIVE 50% chance that, at some point, you may need to support yourself and your children independently. Without the skills or means to do so, your options can be limited and, frankly, dangerous.
The Risks of Financial Dependency
Being financially reliant on a partner can lead to several potential hardships:
Being Forced to Stay in an Unwanted Relationship: Without financial independence, leaving a relationship can feel impossible, especially if it’s unhealthy or unsafe.
Facing Homelessness and Poverty: If a relationship ends, the lack of financial stability can lead to dire situations, including homelessness.
Relying on Centrelink and Handouts: Without a personal financial safety net, many are left dependent on government assistance or the generosity of family, friends, and charities.
Working Long Hours for Low Pay: Even with a job, without adequate skills or qualifications, you may find yourself working long hours in low-paying roles, still struggling to make ends meet.
Don't Bet Your Future on a Coin Toss
A 50% risk is too big to ignore. Would you bet your financial future and the well-being of your children on a coin toss? Of course not. That's why it's essential to have a backup plan, including the ability to support yourself financially, regardless of your relationship status.
Take Control of Your Financial Future
Develop the skills, build your career, and ensure you have the means to provide for yourself and your family, no matter what life throws your way. This isn't just about surviving; it's about thriving and securing a future where you have choices and control over your life.
Ready to consider your long-term financial strategy? At Lush Wealth, we provide practical, down-to-earth financial advice designed to empower women. Christine Lusher was a finalist for Australia's Best Financial Advisors 2024 - she knows what she is talking about.
Book a 15-minute clarity call with Christine, let's explore how we can help you achieve financial security and peace of mind via qualified financial planning advice.
What you need to know
This information is provided and produced by Lush Wealth. The advice provided is general advice only, as we did not consider your investment objectives, financial situation or particular needs in preparing it. Before making an investment decision based on this advice, you should consider how appropriate the advice is to your particular investment needs and objectives. You should also consider the relevant Product Disclosure Statement before deciding on a financial product.