The New Nation - Internet Edition

More and more women have greater financial clout than in years gone by, as well as more responsibilities towards looking after their family. But they haven't kept pace with their financial planning - men are still more likely to sort out their pensions and life assurance. Failure to think about the future though could leave you dangerously exposed.

Despite the biggest baby boom in nearly three decades and many mums now the main breadwinner or the sole carer, women are less likely to consider taking out life assurance or income protection insurance than men. Indeed, according to a recent study, 67% more men over the age of 28 apply for Life Assurance than women.

It's a sobering statistic that every 30 minutes a child under 16 loses either their father or mother, but in an increasing number of households where women are either the main breadwinner or the sole carer, there is nothing in place to protect the family's income if the worst happens.

Mistrust of commission-led sales people, busy lives coupled with a confusing array of policies, means that many women simply avoid financial planning or end up purchasing a policy 'off the shelf' in the supermarket, which just isn't suitable for them.

So how do you make the right choice?

With so many providers and products, obtaining advice from an independent financial advisor who will work with you to understand your needs and then search the market for products best suited to your circumstances, is the best starting point. Just as a business works closely with an accountant they trust, so women need to work with an advisor who knows them and can advise accordingly.

Critical Illness insurance will pay out a tax-free sum if you're diagnosed with one of a number of specified 'critical' illnesses, income protection makes up income lost through illness, accident or disability and private medical insurance can cover you for private medical treatment helping you to return to work as quickly as possible. Independent advisors are used to doing the sums and will make an unbiased proposal of the best products tailored to suit your lifestyle and your needs.

But it's not just Life Insurance that women need to think about. The Department of Work and Pensions (DWP) warns that many women also miss out on a full state pension because they earn too little or take time off work to look after children or relatives. Added to that, women are less likely than men to have a private pension. 30% of women reach state pension age at the moment on a full basic state pension, compared to over 80 % of men.

It's a good idea to get a forecast of your state pension, to check if you're up to date with your national insurance contributions. This means you won't be faced with a nasty surprise in the future, and it gives you a chance to top up your state pension by paying voluntary contributions.

Many women are putting their future into property and turning to the buy-to-let market as an additional source of income for the present and to create a nest egg for the future.

Before jumping in with both feet, we advise talking to an independent mortgage broker with a track record in successful buy-to-let purchases. They will be able to gauge the strength of the market and advise on the areas to consider before buying your first rental property.

Ladies, you're now earning the money, make sure you make the most of it!