Managing money in the midst of life’s other obligations is no easy juggle. Women of all ages and backgrounds struggle with the pressure to earn enough, access education, care for a family, and plan for retirement.
Women make up the majority of caregivers, and they are three times more likely than men to quit their jobs to care for a family member. Women also are three times more likely than men to say they can’t afford to save for retirement and have significantly lower rates of financial literacy. 
Financial literacy for women is an issue that needs to be addressed in the United States.
Statistics show that women earn about 80 cents for every dollar that men earn. They also, on average, spend 11.5 years out of the workforce. This is alarming because if this is correct, then women are surely getting the short end of the stick.
To make matters worse, the fact is that women are often left alone earning less than their male counterparts and having to take care of themselves and/or their children. Financial literacy is essential to help get them in a position where they can take care of themselves and make sure they are not left out in the cold.
Now, while we’re often told that 50% of marriages end in divorce, the truth is not quite as bleak as that. Estimates show that three-quarters of those married in the 1990s would make it at least 15 years (compared with just 65% of those married in the 1980s). And if that current trend continues, the vast majority (about two-thirds) of marriages will never divorce.
However, widowhood is common among older women; more than half of women over 75 years of age and are widows. Once widowed, it is possible that their quality of life drops considerably. They no longer have their partner to help provide and are put in a position where they are now reliant on either their own job (which pays less than it should) or whatever inheritance or insurance they are due combined with the Social Security they may be eligible for.
A recent retirement survey found that 43 percent of women plan to work past 70 or not retire at all. It also showed that of the women who are saving, one in three feels they are not saving enough.
Financial literacy and education can help. Making educated financial decisions is a very effective way to avoid money troubles and stay ahead of the statistical curve. In a world that is changing by the minute and female empowerment is rightly on the rise, make sure that the women in your life have every possible opportunity to succeed.
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.