Money is the root of all evil, as the saying goes. According to current research, it's also the root of a lot of insecurity and stress for women in particular.
Money is the leading cause of stress between married couples. For women who are on their own, money is an even bigger stressor. After all, these women are breadwinners, with no one to fall back on. No matter which way you slice it, money is a huge source of anxiety for women. And it seems like that stress is getting the better of many of them. I want to help keep that from happening.
Here are a few surprising facts about women and financial literacy:
- Women now make up 49% of the American workforce, the highest percentage to date. This is great! It means more women are getting out into the workforce and getting hired.
- Women in professional or managerial roles make about $1600 less per month than men in similar positions. This is according to the Catalyst Research Center for Equity in Business Leadership.
- Women are more likely than men to feel stress when it comes to investing and making decisions about where to put their money.
- Women are less likely than men to invest slowly over time. This is the kind of investing that pays off big during retirement, thanks to the magic of compound interest.
- College-educated women only score about 47% on financial literacy tests, according to the Center for Women and Financial Independence at Smith College.
- Only 25% of women check out their investment portfolio and shuffle their investments to maximize market conditions, compared to 49% of men.
- 43% of women — an all-time high — have no life insurance, according to industry research from LIMRA. Their families aren't protected should anything happen to them.
- Women tend to live longer than men. According to the CDC, a baby girl's average life span is 81 years. A baby boy's is 76 years. This makes it even more important for women to use smart financial planning techniques. They've got more years of retirement to pay for!
One of the best first steps in securing your financial future is adding life insurance to your financial portfolio. The video below has a few key points to keep in mind about retirement planning, including the need for life insurance:
If you need help making a plan for your retirement, I can help you set and reach attainable financial goals!