I grew up in a family with four older sisters, so I’ve known since I was a small child women run the show both financially and otherwise!
Consider this…51% of U.S. private wealth, over 50% of all stock ownership and more than 60% of all personal wealth in the U.S. is controlled by women.[1] Women are a financial force in our country.
But consider this as well…when asked, only 7% of women were “very confident” in their ability to fully retire with a comfortable lifestyle.[2] Only 7%!! That’s incredibly disturbing.
Here are 3 of the biggest financial challenges women may face and why they matter so much:
- Women tend to live longer than men. That means their retirement savings has to last longer too. Widowed female seniors outnumber widowed male seniors by 4 to 1.[3]
- Divorce impacts women financially more than men. After a divorce, women, on average, experience a 73% drop in their standard of living, while their ex’s only experience a 43% drop.[4]
- More women than men are caregivers when it comes to providing care to family (parents, kids, spouse, etc.) and friends. An estimated 66% of all caregivers are female.[5] Caregiving can come with a high financial expense because it takes many women away from their jobs.
There are challenges, yes, but there’s also help out there.
A great place to start is to CLICK HERE to watch a short video on women and wealth.
You can watch it on any device any time of day that’s convenient for you. There’re some great resources you can download, plus a quiz you can take all within the same program.
If you have more specific questions or concerns, I’m available to meet or speak by calling our office at (617) 630-8787.
[1] The Next Web. The Top 30 Stats You Need to Know When Marketing to Women. Jan 24, 2012
[2] PlanSponsor. For Many Reasons Women May Be At A Greater Risk Than Men of Not Achieving a Secure Retirement. March 6, 2014
[3] Times Recorder. Financial Advice Offered for Widows. Sep 10, 2014
[4] Huffington Post. After Divorce Women Rebound Faster But Stay in Poverty Longer. Oct 22, 2012
[5] https://www.caregiver.org/selected-caregiver-statistics
