From
Your Perspective:
Financial self-defense for women
Financial self-defense
for women
Some women have the expectation that once they’re married they’ll live happily ever after — without having to worry about money. The reality is that on average, a woman today spends more of her adult life unmarried than married — the consequence of later marriages, more divorces, and widowhood.
As a woman, you don’t need different investment advice than a man does. But you may face unique financial responsibilities, such as the possibility of having to support yourself through a longer life span, or coping with the financial challenges of suddenly being on your own. And building enough retirement income can be a real challenge under any circumstances, since women typically spend more time out of the workforce taking care of children or older relatives, and earn less than men while they’re working.
Despite the growing number of women who contribute to retirement savings plans, manage their own businesses, and handle day-to-day finances, lack of knowledge and experience continue to be obstacles for many women investors. That can cause a great deal of additional stress when unexpected circumstances, such as divorce or widowhood, demand immediate financial know-how.
Nine out of ten women will be solely responsible for managing their finances at some point in their lives, so it pays to be prepared.
The good news is that there’s plenty you can do right now to make your economic situation more secure — whatever the future may bring.
Women
Men
Life
expectancy*
80.2 years
74.5 years
Median earnings for full-time workers**
$30,724
$40,668
Confidence in having enough money to live comfortably in retirement***
22%
27%
* Source: U.S. Census Bureau, International Data Base, 2002
** U.S. Census Bureau, Current Population Survey, 2004 Annual Social and Economic Supplement *** Source: Retirement Confidence Survey 2004 — EBRI/ASEC/Greenwald
