Head and Heart: Financial Strategies for Smart Women

Kathleen H. Brown, a financial consultant, was an associate professor of
Family Studies at the University of Guelph.

Recognizing the needs and perspectives of women, a tax lawyer and a journalist have collaborated on a book which combines basic financial information with women’s concerns and requirements at different stages in their lives. This blend should appeal to many women, particularly those who are diffident about approaching anything financial.

Women are advised, in the opening chapter, to start early in their lives taking control of their own financial affairs and not to assume that a father or husband will always be there to take charge. In the next chapter, recent demographic information is used to illustrate changing trends in society. Although there have been improvements, on the average, women still earn far less than men and thus acquire less wealth. Women tend to accumulate smaller pension benefits than men because of their lower wages and interrupted careers. Most women can expect to be on their own for a significant portion of their lives — widowhood, separation and divorce usually have more devastating economic effects for them than for men because of their smaller assets and lower earning potential. Unfortunately, there are many Canadian women who have never made any preparations for singlehood.

The authors have effectively blended facts about financial matters with the concerns of women at various stages in their lives. For example, significant issues relating to living common law include the legal obligations and rights of the partners, their children and dependents from previous families, as well as property ownership alternatives. Some associated problems are identified and practical steps that women may take are suggested. Similarly, other life events, such as motherhood, responsibility for aging parents, and retirement are examined, pointing out some possible financial problems and suggestions for prevention or resolution.

This non-technical book, written in an easy-to-read style, should motivate readers to take positive action to enhance their financial affairs. With increased confidence, they will want to delve more deeply into financial matters of personal concern by reading widely. This book is a motivator, rather than a complete reference on personal finance.