In this new series of managing money for women, we get finance experts from ipac, a fee-based international financial advice and investment group to contribute a fortnightly article on any and all financial matters, with advice that is specifically tailored for women.

The inaugural article is written by Ms Janet Lim-Walsh, who is vice president at ipac financial planning.

The modern woman has many successes to celebrate - a soaring career, financial independence, her own hobbies and pursuits, and for many, a happy and healthy family life that tops it all.

But is she doing enough to ensure these successes are not eroded later on in life?

While financial planning is important for every individual, it is especially essential for women for a number of reasons:

* Women live longer than men. The average age expectancy for the Singapore woman is 81 - 4 years longer than that for men.
* They also have shorter career spans.
* Women typically earn less than men, with fewer women in managerial, professional and technical positions.
* They are more susceptible to old age diseases such arthritis and osteoporosis.

What all these mean is that women are able to save less than men while also being more financially vulnerable, given their longer life expectancy.

Compounding the problem is the tendency for many of them to have a risk-averse attitude towards investing. While women tend to be good savers, they are often more concerned with "protecting", rather than "growing" their money. Many leave investment decisions to husbands, or if they're single, prefer to keep their money in fixed deposits and savings accounts even though potentially higher returns lie in other investment instruments.

And while it is commonplace for a married woman to have joint savings and investment plans with her husband, it's clear too, that traditional social units are giving way to new ones. Through divorce, women choose to stay single, or not have children if they're married. It is highly possible that a woman will be in charge of her own financial affairs over a large course of her life.

It is imperative that she does not think of a husband or children as part of her financial plan, and start taking responsibility for her own money matters.

Here's how:

Plan early. Many, bogged down by the demands of careers, and, or families, tend to put off planning for their future. Set financial and lifestyle goals early, and make sure adequate financial provisions are made in achieving them.

Take charge. Women who are married should actively participate in the family's financial and investment decisions. With your partner, set collective goals and plan jointly. This also ensures that you are aware of where all important documents and assets are should anything happen to your partner. It is also important for a woman to build a nest egg over and above any joint savings and investments.

Review insurance policies and medical plans. Many women aren't aware of the policies and coverage they have and end up being underinsured or paying premiums for policies they don't need. Worse yet, some women may rely on their partner's employer policy, which may be rendered useless in the event of divorce or death. As women are more prone to old age diseases, it is also crucial that they are adequately covered.

Build wealth. Studies have shown that women's risk-averse attitudes make them better investors than men, since they are less likely to follow investment fads and have a longer-term approach to investing. However, this means that they don't capture the potential long-term gains from growth assets like equities. Investment risk can be managed and minimised with a sound investment strategy. You could do this by yourself or with the help of a professional financial adviser: construct a portfolio that is well-diversified across good quality equities, bonds, properties and cash; and stick with the plan over the long term.

As it becomes increasingly possible that a woman will need to be completely responsible for her financial affairs during a large part of her life, the need for her to start taking financial matters in her own hands becomes greater.

Planning her financial and lifestyle goals, making sure enough money is invested towards them, and taking these steps early - are the key to having a brighter financial future.

About IPAC:

ipac is a fee-based international financial advice and investment group that has helped clients achieve their financial and lifestyle goals since 1983. With offices and partners in Australia, Hong Kong, Singapore, Taiwan, New Zealand and South Africa, ipac manages more than US$10 billion for over 20,000 individuals and institutions worldwide.

The contributor of this article is Janet Lim-Walsh. She is vice president at ipac financial planning. She is a Licensed Financial Adviser Representative with ipac financial planning Singapore private limited, which is licensed with the MAS, Financial Adviser's Licence No. FA100003-2.

In preparing this information, we did not take into account the investment objectives, financial situation or particular needs of any person. Before making an investment decision, you should speak to a financial adviser to consider whether this information is appropriate to your needs, objectives and circumstances.

If you have any financial-related queries, or questions for Janet, send them in to AsiaOne Just Woman at  a1admin@sph.com.sg. Title the subject of your email: Money Matters for Women. Your queries should not be more than 300 words long. We will publish the replies on the following week.