A primary concern of women is that they will be old and poor. And the simple truth is that women do have unique planning needs. Look at these facts:
- 80% of American women will find themselves the sole keepers of their personal finances at some point during their lives, however, most of those women feel financially insecure, despite controlling more wealth, having more education and being more involved in financial decisions.
- Depending on the occupation women still make anywhere from .77 to .91 cents on the dollar less than men. The good news is that in younger generations the wage gap appears to be closing.
- Women’s careers are often interrupted by family needs, both childcare and eldercare which limits their opportunity for income growth, contributes to the wage gap, and disrupts ability to save for retirement.
- Many women start out in similar careers earning less than men either because of systemic bias or because men have better negotiating skills.
- Widows who left the finances up to the men in their lives are in need of guidance and a trusted adviser.
- Over the next 20 years baby-boomer women will inherit wealth from both their parents and their spouses creating a need for sound investment advice.
- 50% of all women fear losing everything and becoming “bag ladies”.
- Two-thirds of women over age 65 rely on Social Security as their primary source of income. Consequently, women are twice as likely as men to live out their golden years at or below poverty levels.
That is why it is so vital that women plan, save, and invest now: it’s the most empowering way to secure your financial future.