How women can build financial legacy

Statistics show that fewer women have written wills, own land, and other elements of financial legacy. Finance coach and advisor Margaret Njeri normalises building financial legacy for women.

What simple ways can women build financial legacy?

By opening a personal savings and investment account, starting emergency and education funds, taking life, health, and income protection insurances, drafting a will and considering a trust, and educating herself on basic financial principles.

What documents should women have in place to protect their financial legacy?  

A valid will, insurance policy documents, investment account details, title deeds and ownership documents, power of attorney, and beneficiary records.   

How can women protect their financial legacy?

Through life insurance, a legally binding will, investment accounts, land or estate ownership, education policies for children, and a financial advisor or coach.

What role does insurance play in legacy protection?

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Insurance is actually the cornerstone of a legacy plan. It ensures dependents are cared for in the event of illness, disability, or death. Life insurance, for example, replaces lost income and prevents sudden financial crises.   

How does financial education for the next generation preserve a legacy?

Without financial literacy, heirs can misuse wealth in months. Teaching children how to save, budget, invest, and value money ensures continuity.

What can women learn from past generations about legacy, and evolve it?

You know, past generations often prioritised land, livestock, and informal chamas. While that created value, modern women must blend tradition with technology: think unit trusts, online investments, and digital estate planning. The spirit to build and protect remains but the methods can evolve.

What legacy would you like to see today’s generation of women leave behind for others to follow?

A generation of financially empowered women who aren’t afraid to talk about money, invest boldly, and prepare their families with wisdom. A legacy where girls inherit not just wealth, but knowledge, confidence, and tools to thrive.     

What are some common mistakes people make when thinking about financial legacy planning?

Believing only the wealthy need legacy plans, failing to discuss money with family, not updating beneficiaries, and overlooking the importance of insurance and wills.  

What are the major threats to financial legacy?

Some of the threats include a lack of documentation, which can be mitigated by writing wills and keeping updated records, health issues, which can be protected by insurance, financial illiteracy can be solved through continuous education, and dependents unprepared to handle wealth and this is where financial mentorship comes in.

What habits help women create and sustain generational wealth?

Consistent saving and investing, avoiding lifestyle inflation, having multiple income streams, teaching children about money, and maintaining good financial records.

How is financial legacy planning evolving in today’s digital world?

Today, financial legacy includes digital assets like social media and online businesses.  Planning must now include digital wills, multi-currency investments, and secure password managers. Women must stay updated on trends.

Why should women prioritise building and protecting their financial legacy?  

Women are often the backbone of families and communities, yet many don’t think of themselves as legacy builders. Legacy planning is important because it ensures that the wealth women accumulate can benefit future generations. It also empowers women to direct their values, beliefs, and purpose through financial planning. Protecting one’s legacy helps prevent disinheritance, mismanagement, or government claims due to lack of preparation.