Women's Stats

Women's StatsAs a woman we often care for others at our own expense, neglect our careers and our wishes to raise families and form communities - and by the time we reach middle-age, we wonder where it all went and why are we still here.

Thirty-five percent of men passed a quiz on retirement income literacy. Eighteen percent of women passed the same test. Women lacking competency in financial literacy face serious repercussions, such as taking on large amounts of credit card debt, defaulting on student loans, and experiencing difficulty managing income, taxes, and investments. 

Women pay higher interest rates on mortgages than men an average of 0.4 percent, according to a 2011 study by the Journal of Real Estate Finance and Economics. 

Nearly half of marriages end in divorce and, in many cases, women encounter financial consequences with higher levels of severity than men. Legal fees, tax liabilities and complications from dividing assets make divorce expensive, and it can take years before financial recovery is possible.  

One in five women falls into poverty because of divorce. 

Three out of four divorced mothers don’t receive full payment of child support.  

About one out of every three women who own a home and have children lose the house after a divorce

Women are not expected to reach pay equality for the next 43 years. 

 78% of women go into retirement in poverty.  

There are an estimated 781 million illiterates adults in the world, 64% of whom are women.

Women have longer life expectancies. Women live an average of 4.8 years longer than men.

Women generally earn less and have fewer savings. According to the Bureau of Labor Statistics, within most occupational categories, women who work full-time, year-round, earn only 82% (on average) of what men earn.

Women are more likely to take career breaks for caregiving. Seven years out of the workforce "cost you 10 years of wages" over the course of a woman's career, said Joyce P. Jacobsen, co-author of the study and an assistant professor of economics at Rhodes College in Memphis, Tenn.

Women are more likely to be living on their own. Whether by choice, divorce, or death of a spouse, more women are living on their own. Almost half of older women (47%) age 75+ live alone. 

Women sometimes are more conservative investors which mean their savings might not be on track to meet their financial goals. Older women had a higher poverty rate (10.7%) than older men (6.7%) in 2010. 

Women need to protect their assets. Without an asset protection plan, a woman's wealth is vulnerable to taxes, lawsuits, accidents, and other financial risks that are part of everyday life.

Women are better investors than men.  A raft of surveys indicate that women do more research, are better at matching their investments to their goals, trade less and remain calmer during market upheavals.

How do we begin reversing these alarming trends?  First, with education. See how Savvy Women Safe Money might help you from becoming one of the stats we fear most. Join me at one of my Savvy Women ~ Safe Money series.  

Financial Planning Stats 

Vanguard released a paper in 2014 that found a financial advisor can add as much as approximately 3% of value in net portfolio returns per year through smart financial decisions.

A study by Morningstar found that advice from a financial planner can add 29% more wealth through retirement.

A recent study by John Hancock Retirement Plan Services found that 70% of those who work with a financial advisor or planner is on track or ahead in saving for retirement, compared with 33% of those not working with an advisor.

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Check this out for Steps women can take to counter these stats!  

 Ways Women Can Become Engaged in Their Financial Life will help you become more involved with your personal finances