The longevity paradox!

Let’s have a heart-to-heart, sister to sister. They say women are the “stronger sex”, and honestly, oti o—who can argue with that? We carry the world on our shoulders, manage households with the precision of a CEO, and somehow find the strength to be the emotional pillars for everyone around us. We also have the gift of long life; on average, we outlive men by nearly five years.

But here is the wahala (trouble): while we are living longer, our bank accounts aren’t exactly keeping up with our birthdays. Research shows that while women live about 4.9 years longer than men, we retire with 30% less in savings.

This is the Longevity Paradox. We have more “tomorrow” to plan for, but less “fuel” in the tank to get there. It’s a bit like preparing for a long journey from Lagos to Maiduguri but only fueling the car for a trip to Ibadan. Eventually, the engine will stop, and we don’t want to be stranded.

Why is the Gap So Wide?

It isn’t that we are “bad” with money. Far from it! We are the original “ministers of finance” in our homes. However, several factors work against us:

•             The Pay Gap: It’s an old story but a true one. We often earn less for the same work, meaning there’s less “extra” to put away.

•             The “Caregiver” Tax: We are often the ones who take time off to raise the kids or care for our aging Iya or Baba. These gaps in our careers mean gaps in our pension contributions.

•             The Selfless Trap: As African women, we are wired to be Abiyamo (nurturing mothers). We prioritise the children’s school fees, the family weddings, and the community contributions over our own retirement. We want everyone else to be okay, often at the expense of our own future peace of mind.

But listen to me: Self-care is also financial. You cannot pour from an empty cup, and you certainly cannot be a blessing to your grandchildren if you are financially dependent on them for your basic needs.

How to Bridge the Gap:

We need to be intentional. We need to move from just “saving” to “investing.” Here is how we can rewrite the script:

1.            Start Now, Not Tomorrow: Time is your greatest ally. 10,000 Naira invested in your 20s or 30s is worth far more than 10,000 Naira invested in your 50s. Use the power of compounding.

2.            Automate Your “Set-Aside”: Don’t wait until you’ve finished spending to save what’s left. Set up an automatic transfer to your investment account the moment your alert drops.

3.            Prioritise “Self-First”: It’s not being selfish; it’s being responsible. Ensure your retirement contribution is a “non-negotiable” expense, just like rent or school fees.

READ ALSO: Financial independence for women is non-negotiable — Omorinola Olaniyi

4.            Diversify Like a Pro: Don’t put all your eggs in one basket. Spread your wings across Real Estate, Mutual Funds, and Stocks. If one sector is “doing shy,” the others will hold you up.

5.            Build Multiple Streams: Whether it’s a side hustle or dividend-paying investments, ensure you have more than one source of income.

6.            Seek Professional Advice: Don’t just follow “WhatsApp University” tips. Talk to a financial advisor who understands your long-term goals.

The Goal: A Life of “Ìdẹ̀ra” (Ease)

Our later years should be for Ìdẹ̀ra—ease, comfort, and enjoying the fruits of our labour. We shouldn’t be working because we have to, but because we want to.

The longevity paradox is real, but it doesn’t have to be your story. By being proactive today, we can ensure that our “long life” is also a “sweet life.” Remember, it is never too early, and it is certainly never too late to start.