Page 7 - Wealth Building for Women

Chapter 3

We know that we lead very different lives than your mothers did,

but you may be surprised at just how different. Here are six reasons

why women need to get into this game called wealth-building.

1. The Statistics – The statistics about women and money are

startling. The following are U.S. statistics, yet for other countries

throughout the world, the statistics are very similar or are trending

in the same direction: 47 percent of women over the age of 50 are

single; in other words, they are financially responsible for themselves;

Women’s retirement income is less than that of men because as the

primary caretaker for the home, a woman is away from the work

force an average of 14.7 years, as compared to 1.6 years for men.

Add this fact to the lower salaries women still receive, and you have

retirement benefits that are only about ¼ those of men. (National

Center for Women and Retirement Research-NCWRR); Women are

expected to live an average of seven to ten years longer than men,

which means they must provide for those extra years. However,

married women who are baby boomers can expect to outlive their

husbands by 15 to 20 years, on average; Of the elderly living in

poverty, 3 out of 4 are women; Approximately 7 out of 10 women will

at some time live in poverty. What do these statistics tell us? That

more and more women are not educated or prepared to take care of

themselves financially, especially as they grow older. You have spent

your entire lives taking care of your families, but have no ability to

care for yourself in this vital way.