Menopause brings with it a range of physical and emotional changes that can impact not only your body but also your financial status.
Understanding the main health concerns menopausal women face is vital to protecting both their wealth and physical health during this transition period. Thankfully, plenty of resources are available to help you maintain and enhance your health and wealth in your later years.
From locking in a robust workout routine to understanding financial strategies such as retirement planning, having the proper knowledge and resources can help make menopause a smoother experience. In addition, by arming yourself with knowledge about financial literacy, you'll have more control over your future regardless of where you find yourself on life's journey.
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Menopausal health concerns and their impact on women’s finances
Menopause is an unavoidable part of the ageing process for women. It is a natural biological transition and can lead to significant physical and mental health challenges. Some common early symptoms of menopause include uncomfortable hot flashes, sleep problems, weight gain, and irregular periods.
However, what is not often discussed are the financial implications of menopause. Menopausal symptoms can have severe repercussions on a woman's career and finances, with potentially long-term consequences.
Symptoms of menopause have been linked to detrimental effects on women's professional lives. These symptoms are thought to be responsible for reduced work engagement and diminished job satisfaction.
These issues may lead to higher rates of absenteeism or even early retirement due to feelings of being overwhelmed or burned out by the demands of their job. This could mean a sharp decline in income which could put a strain on savings and investments.
Additionally, some women going through menopause may find their emotional resilience is negatively impacted; this could make it difficult for them to cope with stressful situations in their workplace or handle interpersonal conflicts between co-workers.
How to protect your wealth during menopause and beyond
It is essential for women going through menopause to be aware of the potential financial implications associated with specific symptoms so that they can prepare ahead by putting financial strategies in place.
But there are also many steps women can take to mitigate the worst menopause symptoms that don’t involve invasive treatments.
It won't surprise you to learn that a nutritious diet and a regular exercise routine are excellent ways to mitigate some of the worst symptoms of menopause. For example, in one study, menopausal women who exercised regularly were found to have better physical and mental health than menopausal women who didn't.
Reducing caffeine, alcohol, and overly sugary or spicy foods is also an excellent way to curb hot flashes. And eating calcium and Vitamin-D rich food is a great way to strengthen bones, as hormone fluctuations start causing changes in bone density.
Resources available to help you build health and wealth in your later years
There are many resources for women who feel overwhelmed by the potential financial implications of dealing with later life and menopause.
Yael Weinstock Shemesh is the founder of a consultancy firm that supports women through life transitions, including menopause. She works on building their personal and financial confidence and focuses on passive income streams for later life.
But why older women in particular? Yael recognises women often struggle with the emotional toll that comes with life transitions, partly because they continue to be financially disadvantaged compared to men.
This may lead to all sorts of compromises in later life, such as working more than they would have liked, staying in unsatisfactory relationships, or living far too frugally. Yael's consultancy aims to equip women with the financial and personal tools to make a smoother transition that'll make them happier overall.
She said: “We developed a support system designed to help women build their own wealth and prepare for retirement.
"While experiencing various life transitions, women are provided with comprehensive financial tailored support by a team of experts from the areas of financial services, insurance, lending, and real estate."
But the consultancy subscribes more to the "teach a woman to fish" than the "give a woman a fish" camp. It's about giving older women the tools they need to be confident as they transition to this new stage of their life while developing the financial literacy skills to help them succeed.
Yael added: “Women participate in the analysis process while being acquainted with the financial terminology. A comprehensive review of investment options, as well as retirement plans, is being conducted, and the focus is on developing tools rather than offering solutions.
“Women working with us successfully navigated career and personal transitions gained an understanding of their future retirements, and generated passive income as first-time home buyers.”
Maintaining your health and wealth in later life
There are several ways in which women can maintain their health and wealth in later life. It's more important than ever to keep up with healthy lifestyle choices such as eating a balanced diet, exercising regularly, and getting enough sleep.
Another way to curb the potential implications of menopause and put strategies in place to mitigate them. This may include seeking tailored support from consultancies that can help develop personal and financial confidence and focus on passive income streams.
Taking proactive steps to manage your well-being can set you up for a more prosperous and fulfilling later life.