Women have much different financial needs
Why women? Why NOT women.
As 51% of the population, women have never been offered a tailored approach to money and the many issues that surround making it, saving it, investing it, and spending it to achieve personal goals. Take into account the following statistics that illustrate exactly why women need different financial solutions for their entire life:
- Immediately after graduating from college, women make 80% less than their male counterparts.
- Women typically leave the workforce to care for children or an ill parent or relative, leaving a gap in work history and minimizing their income and benefits.
- A woman married today has a 40% chance of becoming divorced.
- If they do stay married, women outlive their husbands and often don’t have the savings needed for healthcare and other related costs in their advanced age.
Women will age alone.
The average woman, making median salary full-time, work for free for 10 years.
How is that possible? Because woman, on average, only make 80% of what men do. When you compare career earnings, you’ve given the workforce 10 free years of productivity.
The wage gap for women of color is twice as bad, as a result of both gender AND race gap
The wage gap starts as soon as a woman enters the labor force.
Women ages 15-24 working full time, year-round, are typically paid 88 cents for every dollar their male counterparts are paid.
As a result, the wage gap
The average Social Security benefit for women 65 and older is about $14,044 per year, compared to $18,173 for men of the same age.
This disparity is a direct result of lower lifetimes earnings and different works patterns.
The wage gap quickly turns into a retirement wage gap.
Women with pensions receive about 58% of the average male retirement income, or $13,603 annually compared to $23,500 each year for a man.
The gender gaps can be found in
multiple areas of life
Single women build less home equity over time than men..
Women garner about 92 cents of home equity for every $1 of equity acquired by males.
Women’s work is devalued because women do it.
“Women’s” jobs often pay less precisely because women do them. A study of more than 50 years of data revealed that when women moved into a field in large numbers, wages declined, even when controlling for experience, skills, education, race and region.
The wage gap leaves women with less disposable income to pay back their student loans.
In the time period between one and four years after graduation, men paid off an average of 38% of their outstanding debt, while women paid off 31%, according to the study.
Our goal is to give you the tools you need to tackle each challenge and be financially fearless!
Purse Strings was founded to provide the valuable information and resources you need to make the right decision for you, wherever you are in your life. Purse Strings also provides a database of local, trained, and vetted financial professionals who are committed to serving women. We’ve done all the work for you, all you need to do is chose the right professional for you and your needs.
Here are a few things you’ll find on our website that will help you hit the ground running.
- Tailored guides for specific financial issues to tell you what you need to know to effectively approach your concerns
- Have a burning question? You can send our professionals your questions, for free!
- Browse the Money Diaries to see how others are spending their hard-earned cash.
- Are we missing something that we should have? Let us know!
Sources: 1. Washington Post 2. NWLC.org 3. NWLC.org 4. Investopia 5. The Mortgage Reports, Sept. 2017 6. NWLC.org 7. Fortune, May 2017
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