Not everyone plans for their financial future as they should, nor do they think about their savings and retirement at an early age.
Unfortunately, many people don’t wind up considering these things in their lives until they are a bit older, and then they have less time to plan and save up. As this is never good no matter which gender you are, for women it is generally a more dire matter than for men.
This is mainly because on average, women are outliving men and are in retirement longer with more time to deplete what they have saved up.
Other Reasons Women Face More Financial Challenges
- Many times in a marriage, men are more in control of the finances. If there is no proper planning done by the couple, and the husband then dies before his wife, she is left with having to handle everything all of a sudden. Even if your husband handles most of the financial decisions, you should have the knowledge of how to handle them yourself for this type of a situation.
- A woman may not have had as much working time to save up for their retirement. Women tend to take more time off, especially during the prime earning years, for childbirth and rearing. Another factor that can cause women to take extra time off is caring for ailing parents.
- Overspending instead of doing more saving. If you are apt to shop based on emotional reasons instead of necessity, you could be throwing away a lot of money you could have saved instead.
- Although the gap is closing, women still typically make less than men, making around 75% of what men make for doing the same job.
- Putting the needs of others before your own. If you are apt to help out family members in need, without ever gaining that money back, or if you would save for your kids’ college fund before your retirement, you are putting a huge dent in your savings as well. You have to have your priorities in order, and be careful that you are not putting things over your financial future that will do just fine if they are behind it instead.
- Many women don’t invest as aggressively as men. If you are not sure how to go about investing and what the best investments are, make sure you find a trusted financial advisor who can guide you through the process and show you what the best options are for you.
Some Things May Have Changed….
Even with more and more independent women popping up over the last several years, whether married or not, it is still absolutely imperative that you as a woman educate yourself about savings, investments and retirements.
More from GFC, Below
If you do not prepare yourself for your future, you will likely be left feeling very lost, alone, confused and scared about what is around the next corner of your life.
As a woman, having that financial security and knowing where your money is going is a must so that you can live a life with a lot less worry and fear about your financial future.