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Here's a wake-up call for women of all ages: whether you're single or married, rich or poor, experts say you need to save more than a man does — a lot more. If you're not saving enough, or living paycheque to paycheque, you could be in serious trouble.

Why do you need to save more? To begin, statistics show that women outlive men by an average of seven years. That means you'll likely need seven extra years worth of income or assets to survive financially after you retire. Yet trends show that women are at greater risk of not having adequate retirement income:

• Women are more likely to have earned less pension benefits when working than men.

• When earned, those pension benefits are considerably lower than men's.

• Fewer women participate in retirement savings plans.

• Women invest more conservatively (therefore earn less income) than men.

It's not pleasant to think about, but you'd be wise to have a personal financial planning program in place in case you wake one day to find yourself divorced, widowed or a single parent. (One study found that a woman's standard of living declines by 73 per cent in the first year after divorce.) A little extra forethought now could save you a lot of financial hardship later.

Finally, keep in mind that women need to plan smarter to stretch their dollars farther. Because even with the gains they've made, women still earn an average of just 76¢ for every dollar earned by a man.

How to start building for your future

The good news is: it's easier than ever for women to take charge of their financial situation. Once given the facts, by someone they know and trust, most women will make a smart choice to invest in themselves and their future before it's too late. Here are several simple ideas that could help you get started:

• Begin a small savings program of your own. For example, you could open an RRSP account and begin to deposit a small amount each month to start a retirement fund. Or, you might consider contributing to another type of savings plan. The important thing is to get started and to make regular contributions, so it becomes a habit.

• Consider automatic savings deductions. Check with your employer about how to have a set amount of money deposited directly into your savings or retirement plan each pay period. This is a relatively painless way to save — since you never have the money in hand, you'll discover you never miss it.

• Set a short-term goal that's within easy reach. You might start by putting aside a small amount each month for a vacation or a small purchase. As you get closer to reaching your goal, you'll gain confidence and build momentum to help you set and reach long-term goals.

• Get a credit card and a savings account in your own name alone. For many married women, establishing a credit record and some savings of their own is overlooked until it's too late. Take care of this important matter now and you'll save yourself hassle and inconvenience if you end up widowed or divorced later.

• Decide now to become educated about investments. Many classes and seminars on the types of investment products are available through financial institutions and other educational sources. And some of them are free. Becoming informed about your options can reduce your investment anxiety and help you make wise investment choices.

• Make a decision to put yourself first. It's still true that "you can't help anyone if you don't take care of yourself first." And that applies to financial planning as much as anywhere else. Take the time now to invest in yourself, and you and your loved ones will be happier later on.

• Talk to people you have confidence in. There are many savings plans and investment choices available from a range of sources. If you're new to saving, be sure you start by doing business with someone you know and trust.

• Finally, whatever your first step, experts recommend you make it a small one. Setting your sights too high could prove overwhelming ... and lead you right back into leaving your financial future to fate. And that's a risk no one, regardless of gender, can afford to take.

Bob Hillier is a financial advisor with Beaubear's Credit Union. He offers financial advice on a variety of subjects.