Empowering Educating and Advising Women on their younique Financial Needs, and Goals
Empowering Educating and Advising Women on their younique Financial Needs, and Goals
“You are a woman of ‘noble’ character and you are worth far more than rubies. Her husband has full confidence in her and lacks nothing of value… Her children arise and call her blessed; her husband also, and he praises her: ‘Many women do noble things, but you surpass them all.’” Proverbs 31:10
In our experience your younique financial needs include balancing your personal needs with your family responsibilities. Marriage is built on compromises. You balance your own goals with your husband’s goals and with the hopes and dreams you have for your children, which all cost money. You may work full-time, part-time, have an at-home business, or not work at all. It is important to work with your partner to set a realistic expectation for the family and the financial resources required to provide for both short and long term goals.
26% of women work part-time compared to 14% of men, making them overall much less likely to be offered a workplace retirement plan. (77% of women who work full-time are offered a plan like a 401(k), versus 42% of part-time women.)
Due to pay disparity, unpaid family caregiving, greater longevity, and reduced retirement benefits, the average middle-class woman is at greater risk in retirement than men—and they’re aware of it.
40% of women plan to retire after 65 and 13% say they will never retire at all.
50% of women plan to work in retirement—11% full-time and 39% part-time.
More than 41 percent of the female population struggles financially, according to Wider Opportunities for Women, a nonprofit group dedicated to female empowerment. A slowly recovering economy and persistent wage gap makes it imperative for women to increase their financial knowledge.
Today women have a higher likelihood than men of completing college and graduate school. Unfortunately graduation doesn’t guarantee financial stability. Student loans follow many graduates well into careers, and women face serious obstacles when it comes to debt repayment.
On average, woman are paid less, making an average of 77 cents compared to every dollar made by men.
Women of all types – unmarried, divorced and widowed – from age 44 to 64 are under-prepared for retirement. IRA and 401(k) balances fall short compared to male equivalents. Single and married women tend to focus on priorities other than retirement, like paying for their children’s needs and owning a house.
One of the worst outcomes of not prioritizing savings is missing opportunities to leverage time in your favor. Money kept in interest-bearing accounts for years can grow into a substantial asset. Employee-offered accounts include tax advantages and sometimes match plans that double savings.
The wage earning gap also limits available Social Security benefits—a built-in foundation that some senior citizens rely on for retirement expenses. As a result of these trends, fewer resources and a lack of planning, women are more likely to encounter poverty in old age and forced to rely on government programs for living expenses.
The “Do” is what turns the goal into a reality. We would love to work with you to help you understand what you need to do in order to achieve your financial goals. Please Schedule your complimentary assessment.