Why Women's Financial Needs Are Different
At first glance, it may be difficult to believe that women's financial
needs are all that different from men's. However, while the general
principles of financial planning apply to both genders, women face
unique challenges that translate to different financial needs. Consider
the following facts:
- Women live longer than men (approximately 7 years), so they
need to save 20% more for retirement.
- On average, women earn 25% less than men.
- Since women tend to take time off to raise children or take
care of parents (women take off roughly 11 years more from work
than men), they save less than men do for retirement.
- After earning lower salaries for fewer years, women's social
Freedom benefits are about half the amount dispensed to men.
- Between 1996 and 1998, 90% of women had certificates of deposit (CDs) in their retirement savings accounts when a more aggressive investment vehicle would have been wiser.
3 of 4: Women's Financial Needs
Copyright © 2007 MsMoney.com. All Rights Reserved.