Why Women’s Money Week? Because it is time for women to take control of their finances and reshape their future. According to the 10th anniversary edition of Prudential’s Financial Experience & Behavior Among Women study, we are more involved than ever in their households investment and financial decisions. Great, but still….below are 12 reasons why it is important for women to become more engaged, educated, and empowered around money:
- 80-90% of women will be solely responsible for their finances at some point in their lives- mainly due to divorce and the fact that on average women outlive men by seven years
(National Center for Women and retirement research).
- Nearly two-thirds of U.S. women ages 40 to 79 have already dealt with a major financial “life crisis,” such as job loss, divorce, the death of a spouse, or serious illness.
(AARP, “Understanding Women’s Financial Needs and Behavior,” 2007 survey.)
- The average life expectancy for women is 81 years, compared to 73 years for men. (The Social Security Administration)
- The average age of widowhood is 55 years old. (US Census Bureau)
- Women are more likely than men to be single parents. (U.S. Census Bureau, “American Community Survey, 2008,” Tables B11001, B11002, B11005, and B11013)
- The median earnings for all women are $638 a week, compared to $798 for men–approximately 80 percent of what men earn on average (The Bureau of Labor Statistics)
- The average woman spends 15% of her working years outside of the workforce caring for children and elderly parents compared to the average man’s 1.6%. (Women’s Institute for a Secure Retirement and National Center for Women’s Retirement Research)
- Social Security provides over half of women’s income over the age of 65, 67% to be exact. (Social Security: Especially Vital to Women- IWPR analysis of the 2010 Current
Population Survey Annual Social and Economic Supplement)
- Fewer than 2 in 10 women feel “very prepared” to make wise financial decisions. Half indicate that they “need some help,” and one-third feels that they “need a lot of help.”
(Financial Experience &Behaviors Among Women 2010/2011 Prudential Research Study)
- Nearly half of women (44 percent) expect to retire at age 70 or older – including 19 percent of those who “do not plan to retire.” (Transamerica Center for Retirement Studies)
- Social Security provides over half of women’s income over the age of 65, 67% to be exact. (Social Security: Especially Vital to Women- IWPR analysis of the 2010 Current Population Survey Annual Social and Economic Supplement)
- The number of middle and upper income women struggling with debt has risen faster than the number of lower income women struggling with debt. (Women, Debt and Recession, CareOne Debt Relief Services)
The theme for Women History’s Month 2012 is Education and Empowerment. We have made strides in education and some degree of empowerment in many fields. Our next frontier is to breakthrough to financial empowerment. Our future depends on it.
As you educate a woman, you educate the family. If you educate the girls, you educate the future.” ~ Queen Rania
Women’s Money Week is over 100 Women Financial Bloggers sharing articles on different topics during March 5th – 11th, to empower women to take action and take control.
Samirian Hill, The MoneyWise Teacher, is founder and president of BudgetWise Financial Solutions, LLC, where they teach people to manage money wisely. She is a financial educator, contributing writer, and blogger. She enjoys golfing, cooking, and reading. To learn more go to www.budgetwisefinancial.com