3 Unique Financial Challenges Women Face

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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:

  1. 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]
  1. 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]
  1. 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

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