Women have a longer life expectancy than men. According to research, Singapore women are expected to live to 80.4 years old, half a decade longer than Singapore men.

Women have shorter careers. A woman's average working period with the same company is 20.6 years, almost a decade shorter than the average man's of 29.5 years. Women are more likely to have worked part-time because they take time off to attend to family needs.

Women earn less than men. The average female in Singapore earns 25 per cent less than their male counterparts. Just before retirement, males have, on average, 1.69 times more money in their Central Provident Fund (CPF) balances than females.

The divorce rate gets higher each year. After a divorce, the average man's standard of living goes up 23 per cent while that of the average woman goes down 10 per cent.

OCBC's vice-president of wealth management, Ms Anne Tay, emphasised that women should have their own insurance policies, including those that cover medical needs.

‘Build your own nest egg over and above any joint savings or investments you may have with your husband. This is also prudent in the event that your husband is declared bankrupt or owes huge debts.

'Any savings or investments that are solely in your name and contributed by you usually cannot be touched by your husband's creditors,' she said.

Prof Mavrinac added that besides being more diligent than men in their basic money management, women must also be careful in managing risk. For example, a woman with children who relies primarily on the husband as the breadwinner must be adamant that an insurance policy covers him.

'Health insurance must also be carefully monitored. Too often, older women find themselves in poverty because the family's savings have been spent on medical care for the husband in his last years,' she said.

According to a study by the Association of Women for Action and Research and the Tsao Foundation for successful ageing, older women tend to be the 'poorest of the poor' because they live longer, have poorer health, have less income and savings, and depend on their family to look after them.

Ms Eleanor Ng, director of wealth management at independent financial advisory firm Providend, noted that women are less willing to take risks with their money.

It is not surprising that endowment insurance plans - which come with
guaranteed amounts at maturity - are more commonly bought by women for wealth accumulation as opposed to equity type investments.

However, the returns on such instruments are low and may not necessarily help them to achieve their financial objectives, she said.

Ms Tay agreed that women tend to be more conservative with their investments and as a result, a larger proportion of women tend to place their money in fixed deposits and savings accounts. 'More women should think about growing their money more efficiently, take more calculated risks and take a longer-term view for their investment,' she advised.

Single women have the 'greatest potential' to save and should make the most of it when they are able to, while married couples should review financial plans jointly, said Ms Mishra.

She also advised married couples to buy properties in 'joint tenancy' so as to ensure that the property automatically goes to the surviving spouse in the event of death.

For self-employed women, they should have a regular savings plan in lieu of CPF contributions.

Luckily for Mrs Wong, her husband made an effort to review his insurance portfolio when they got married - two years before the fatal accident - so she was not left in the financial lurch. Now she advises her sisters and friends that 'women should make an effort to be financially savvy'.

'We should strive to be in the know on the latest trend on how to invest and manage money rather than take a back seat and be concerned about cooking or looking after the family, because we think money management is a man's job,' said Mrs Wong.

Experts' advice
Save as much as you can while you are still single.

Rather than leave your money in fixed deposits and savings accounts, consider growing your wealth more efficiently with some equity type investments.

Have your own insurance policies, including medical plans.

Build your own nest egg over and above any joint savings or investments you may have with your husband.

Buy your marital home in 'joint tenancy' so as to ensure that the property automatically goes to the surviving spouse in the event of death.

Self-employed women should have a regular savings plan in lieu of CPF contributions.

Click here to find out more on managing your finances.