Women and Financial Literacy - an issue that needs to be addressed
Financial literacy for women is an issue that needs to be addressed in the United States. Statistics show that women earn 25% less than men. 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 proverbial cold. The statistics paint a bleak picture for the modern woman. 50% of marriages end in divorce. On top of that, three of four married women are widowed by the age of 75. Once widowed, studies have shown 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.
The majority of women over 65 in this country cannot afford even their basic needs.
Transamerica's annual retirement survey found that 43% 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 feel they are not saving enough.
Financial literacy and education can help. Make sure that the women in your life have every possible opportunity to succeed.
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Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 516-921-4200 Visit our website: www.davidlerner.com