Finance and the Gender Gap
Men may be from Mars and women from Venus, but that doesn’t mean they should be unequal when it comes to pay or investments. According to a study by Financial Finesse, only one quarter of women said they were on track to retirement compared to one third of men.
It is not just the gender pay gap that is the issue. It appears that the problem is deeper than a long overdue pay raise being needed. Issues were found that show a pattern overall that is disturbing. Women are far from playing on an even field, and if anything, they have it far tougher.
The study showed approximately 30% of women are spending more than they earn each month compared to just 19% of men. The difference is staggering particularly given the fact that while women are almost half of the workforce, they earn 20% less. That’s 80 cents on the dollar for every dollar earned by a man. On top of this, women are expected to live longer than men. All in all things are not looking good.
Perhaps investing would be a wise way to make sure they are safe and secure and in control of their own finances. However, when it comes to investments, the Financial Finesse study revealed just 43% of women were confident in their investments compared to 56% of men. Once again it appears men are ahead of the game.
The only way to make a real change is for women to take charge of their own finances, gaining more knowledge in financial literacy and confidence in investments. Of course, the pay gap needs to disappear, and many other factors need to be addressed, but if more women were given an even playing field, things would certainly be different. Perhaps in the near future things will change, until then women will have to fight harder than ever to become financially stable and independent.
IMPORTANT DISCLOSURES
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.
To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law.
Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC