For both men and women, the financial planning process begins at the same point.
Karin Risi, head of Vanguard Advice Services group, begins her consultation with any new client by discussing such topics as financial goals, a diversified investment portfolio and the importance of low fees.
“Those are pretty gender-neutral,” Risi says.
But while the basics of good financial planning are the same for both sexes, women often face particular lifestyle and economic issues that require special consideration. On average, they live longer and earn less than men. They are more likely to be responsible for the household budget. They often are the ones their adult children turn to first for financial help. And the demands of caring for aging parents or spouses tend to fall on their shoulders.
Following are nine rules for creating a financial plan that addresses those challenges.