March 11, 2016

THE FINANCIAL CONFIDENCE GAP #WMW16

March 11, 2016/ Womens Money

When it comes to retirement saving, many women lag behind many men. Historically, that has been the case. The 2015 edition of Financial Finesse’s annual survey, The Gender Gap in Financial Wellness, offers more evidence of the problem – along with a few encouraging signs that women may be catching up.

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Why We Serve Women & Families

66%

66% (that's 2/3rds) of Household breadwinners and co-breadwinners are women. - The Shriver Report

1 in 3

1 in 3 women lives in or on the brink of poverty. - The Shriver Report

3 out of 5

3 out of 5 women over the age of 65 (married or single) cannot pay for her basic monthly needs.

80%

The median earnings for all women are $638 a week, compared to $798 for men–approximately 80% of what men earn on average - The Bureau of Labor Statistics

The Wage Gap = Poverty

If Women were paid the same as men for the same job, poverty in America would be reduced by 50% - Women21.gov

Purchasing & Banking Power

Women account for 85% of all consumer purchases on everything from autos to health care including 89% of Bank Accounts. - Marketing to Women Conference

84%

84% of Women feel misunderstood by investment marketers - Marketing to Women Conference

Less Than 20%

Fewer than two in 10 women feel “very prepared” to make wise financial decisions. Half indicate that they “need some help,” and one-third feels that they “need a lot of help.” - Financial Experience & Behaviors Among Women 2010−2011

40%

Women own 40% of all stocks. - A.T. Kearney

15%

The average woman spends 15% of her working years outside of the workforce caring for children and elderly parents compared to the average man’s 1.6%. - Women’s Institute for a Secure Retirement and National Center for Women’s Retirement Research

2/3rds

Nearly two-thirds of U.S. women ages 40 to 79 have already dealt with a major financial “life crisis,” such as job loss, divorce, the death of a spouse, or serious illness. - AARP, “Understanding Women’s Financial Needs and Behavior,” 2007 survey.

80-90%

80-90% of women will be solely responsible for their finances at some point in their lives- mainly due to divorce and the fact that on average women outlive men by seven years - National Center for Women and Retirement Research

Women Aim Lower

Even though women have a longer life expectancies, when asked how much they were aiming for in retirement savings, women aimed lower, with a median goal of $200,000 versus $400,000 for men. - Retirement Fitness Survey 2010

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*Statistics are drawn from the Census Bureau, WOMMA, BSM Media, The Shriver Report, Sheconomy, Wow Online, and the Gamma Report.

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