Maternity breaks, childcare, the preponderance of women in part-time work and the simple fact that they generally live longer than men are among the factors that make financial planning for women very different to their male counterparts.
Traditionally, Irish women did not have pensions, life assurance or critical-illness plans, relying instead on their husbands to provide for their financial needs.
But with more and more women entering the workforce, they are increasingly assuming control over their monetary affairs and in the process they are realising that they have specific financial needs.
Women now account for 38 per cent of the workforce and this figure is expected to rise to 45 per cent by 2001. But their working lives are far more fractured than those of their male counterparts.
However, the financial services industry has been slow to realise this and to develop flexible products that cater specifically for women. In Britain, financial advisers geared exclusively to the female market have long been a reality. But there are signs of a growing awareness in the Republic of the needs of this section of the population.
"Women have special financial needs. They are faced with a different problem to men - how to spread a smaller income over a longer lifespan," says Lifewise, a financial services company which has been to the fore in devising products designed for the female market.
"We evolved into providing financial products for women," explains Lifewise director, Ms Kathy Dillon. "We were two women working in the financial services area and we had a lot of women clients so we designed products to answer needs that were out there."
The company's WomanWise portfolio includes a critical-illness plan and a retirement plan, both of which respond to the particular needs of women.
Men, constantly warned of the dangers of heart attacks and other stress-related illness, are more likely to take out critical illness cover than women. Yet Irish medical statistics show that one in 10 women in the Republic suffer from breast cancer, an illness with good survival rates these days and therefore one ideally suited to critical-illness cover.
The Womanwise plan, available from as little as £15 (€19) per month depending on age and benefits, provides a lump sum in the event of diagnosis of any one of 30 illnesses. "It assists with the financial pressures that illness puts a family under," says Ms Dillon. She believes women need such cover just as much as men. Meanwhile, the company's retirement plan - underwritten by New Ireland and Eagle Star - allows the policyholder to interrupt or cease the plan without penalty after one year's premiums have been paid. Women can resume contributions at a later date, if they choose.
It also includes a 10 per cent bonus allocation, important because women live longer than men so it is more expensive for them to fund for retirement. Lifewise estimates that women have to invest around 10 per cent more each year to fund for the same pension as a man of the same age.
The plan, in many ways, foreshadows the personal retirement savings accounts (PRSAs), which are widely expected to be introduced next year, and which represent another step in the direction of addressing women's pension needs.
Unlike traditional pension plans, PRSAs will be owned by the individual regardless of employment status and can be carried from job to job. They will be of particular use to women, many of whom do not qualify for occupational pension schemes because they are part-time or temporary workers, or who find themselves out of the pensions loop because they take career breaks to mind children.
Mortgage providers are also becoming increasingly sympathetic to women's work patterns, particularly as many families are now dependent on two salaries to pay the mortgage and keep things ticking over.
A growing number will allow their customers to take repayment breaks, particularly at expensive times for the household such as the birth of a child.
But women do not need specially tailored products in all areas and in some traditional areas do better than men. For instance, car insurance for women is generally cheaper than for men so make sure you shop around to take advantage of any special offers for female drivers that are going.
Life assurance is another area where women, who tend to live longer, fare better than their male counterparts with lower premiums. However, personal finance experts note that women's lives tend to be significantly underinsured.
Particularly where women work in the home, the value of their contribution tends not to be recognised - only when something happens does the cost of replacing their labour become apparent.
Childcare remains an issue, for both women and men, but there are growing signs that the Government is about to take measures to ease the burden on parents. In a recent speech in the US, the Tanaiste, Ms Harney, said the issue must be addressed comprehensively to facilitate the advancement of women in business and the workplace.
"Positive measures to encourage employer initiatives were introduced by the Government last year. We must do more in the future to assist on childcare," she said.
In the meantime, the only option open to those who want to prepare in advance for the burden of childcare costs is to take out a regular savings plan. But as one financial adviser points out, most women don't know they're going to have a child until they become pregnant, a short time in which to plan.
Marital breakdown is another area that particularly affects women financially, especially if they work full-time in the home.
While it is difficult, and perhaps unduly pessimistic, to prepare for such an eventuality, women should be as well informed as possible about the family finances. It also helps if they have something to fall back on.
Ms Hilary Walpole, director of tax with PricewaterhouseCoopers, believes that an ability to earn is very important for women, particularly if their marriage breaks down or their partner dies or is injured. "Women have to look forward and cater for the things that could go wrong," she says.
