A study called the Women, Money and Power study examined women and investing looking particularly at the kinds of learning material women like for learning financial concepts. Additional research provides some significant findings on the learning of men and women.
The Facts- I'm not addressing reason for these issues but here are the facts. The Earnings Gap-Women in the workforce earn on average 77 cents for every dollar men earn, which adds up to about $300,000 over a lifetime. Work Patterns- Nearly 24% of women work part time, are likely to spend 12 years out of the workforce and forego jobs with benefits for family responsibilities. We don't have time to mention the retirement savings and Social Security gap that then ensues.
The Challenges- In addition there are life events that are thrown in the mix: starting a business or new career, being part of The Sandwich Generation - meaning you have grown kids and aging parents to care for, as well as change in martial status through divorce or widowhood. Also financial literacy in some subjects for women is strong but 90% of women feel that financially insecure and many have no idea where to start to figure out what they need for retirement savings.
What Women Want- We want to learn in a pleasant and personal way where to start, how to invest for our age and our unique goals. We want a coaching style and someone who will help with our partner when we have roadblocks in communication. And we want to understand many aspects of our money.
Be STRONG- yeah, we want this but we are often passive and don't advocate for our needs. You need to care enough about your future to DO what needs to be done, find tools or people to help you learn thus giving you confidence and teach your children about money.
Marion Syversen, MBA
NorumbegaFinancial
207.862.2952
Marion@NorumbegaFinancial.com
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