Women's Health & Money

Financial literacy is important for everyone, but women face unique challenges when it comes to understanding money and managing their finances. Then add in the autoimmune component and it introduces a whole new layer of complexity - a "double whammy."

I feel so strongly about helping autoimmune warrior women with their financial situations that in my first book, the Autoimmune Warrior's Healing Key, I devoted an entire chapter to "finances and money mindset," which I recorded in this video if you'd like to hear me reading the chapter.

Of course, men can have autoimmune disease too, and can struggle with their finances, but there are some specific factors impacting autoimmune warrior women:

1.  The Gender Pay Gap: Women, on average, earn less than men, which means they may have less income to save and invest. When it comes to a divorce in the family, a single parent raising children is more likely to be a woman, putting even more strain on her current finances as well as retirement savings. Women need to be aware of the pay gap and its impact on their finances, and plan accordingly. 

2. Longer Life Expectancy, Often With Chronic Health Issues: Women, on average, live longer than men, which means they need to save more for retirement. And women also have higher rates of autoimmune disease. (There are specific reasons for this that I talk about in my book.) Women need to be aware of their retirement needs. I help my clients determine their "financial independence number" - how much they will need saved by the time they wish to retire, and plan accordingly to ensure they have enough savings to last throughout their retirement and medical costs even if their income fluctuates due to sporadic ability to work full time.

3. Career Interruptions: Women are more likely than men to take career breaks to care for children or elderly family members. These career interruptions can impact their earning potential, retirement savings, and overall financial security. Autoimmune warrior women may also need to plan for the possibility of disability or early retirement due to their health issues / medical conditions. It's important to have a solid financial plan in place early that takes into account potential future challenges. Passive, residual income and income protection (owning your own critical illness & disability insurances) are key pieces of a smart financial strategy.

4. Lack of Confidence: Studies show that women are less confident than men when it comes to managing money and often leave the financial management to their husbands (if married). Women need to build their confidence by educating themselves about personal finance and seeking professional guidance when necessary. I don't charge my clients any service fees to work with me so please take me up on this free service! (in Canada) If you are a US citizen, I'd be happy to connect you with one of my US-based colleagues.

5. Lack of Financial Education: Many women lack basic financial education due in large part to the reasons I already talked about above. Because of a lack of confidence and financial acumen women are often more skeptical of help that is offered and they may not realize they have access to financial resources or advice. Women need to seek out financial education resources and support to improve their financial literacy. If you have wifi and a smartphone, iPad or computer, you have access to me over zoom!

This article was created in April 2023. While these factors are important to keep in mind year round, Financial Literacy Month is an excellent opportunity for autoimmune warrior women to focus on their financial health and improve their financial literacy. By educating themselves, seeking professional guidance, and planning for their financial future, women can build a solid foundation for financial security and independence despite the health concerns they face.