Shelley Rome

Shelley Rome

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Some Financials Issues Only Women Face

Happy Women's History month!!

Women have to deal with a few extra hurdles compared to men when it comes to our finances and here are just a few according to GoBankingRates

  • The gender pay gap – Oh, it’s real alright. The Bureau of Labor Statistics data reports that women earn 82 cents for every dollar a man earns! Now think of how that adds up over a lifetime.
  • Lack of financial confidence – Investing can have a big payoff if you do it and you're confident about your investments. The thing is? Women tend to lack this financial confidence and tend to play it on the safe side. You could even blame this on a lack of financial literacy.
  • Longer life spans – The drawback to a longer life? You still have to pay for things. On average, women outlive men. Clari Nolet, a CFP, CDFA, and senior financial advisor says, “women should be looking at long-term care insurance, or understand if they can be self-insured, to protect themselves.”
  • Caregiving responsibilities – Women are usually the ones who take extensive time off their careers to take care of family members or raise a family. Unfortunately, this can negatively hinder the financial future. It’s important that women are still finding ways to make contributions to their retirement savings during this time.
  • Greater financial fallout from divorce – Marianne Rodriguez, director and wealth advisor at Round Table Wealth Management, explains “women tend to suffer more financially during and after a divorce, which negatively affects their ability to build a healthy long-term balance sheet when they become single.”

AND lets not forget all the money we spend in a lifetime on feminine hygiene products??

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