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Women and Their Finances

Women are breaking glass ceilings throughout their lives, both personally and professionally. A Pew Research study just found that women represent over 40% of the breadwinners in U.S. households1. They own 39% of all private businesses in the U.S. and employ over 9 million Americans2. With more women being educated, having greater roles in corporate leadership and are engaging in politics at an increasing rate, it is no wonder that women are now controlling over 51% of the our nation’s wealth3, and this number is only expected to grow.

This goes to show you that in today’s world, many women are holding the power positions in their family. More and more women are working full-time and making more money than their male counterparts. These statistics prove how powerful women are in the American workforce, and consumerism. Yet, despite this progress, according to a Prudential Research Study, fewer than two in 10 women feel “very prepared” to make wise financial decisions4.

So, what are the obstacles? Some challenges include women being the primary caregiver (66%) for elderly parents or loved ones5, outliving partners and spouses, and having to overcome the years of less pay or taking time off to raise children. And for many women, the fear of running out of money tops the list of what keeps them up at night. The increase in responsibilities and obligations both professionally and personally not only result in financial loss, but emotional and physical capital suffer as well. This emotional burden often leads to health issues, stress, and a decline in happiness.

Another challenge is life expectancy. The average life expectancy for women is 81 years, compared to 73 years for men6, meaning most women will outlive their partner. So, then why do women typically aim lower when it comes to retirement savings, with a median goal of $200,000 versus $400,000 for men7? It’s important to think about this when building your financial plan, and what it could mean for your standard of living in retirement. Don’t you want to enjoy your golden years that you worked so hard for?

At Old Castle Financial Advisors, we believe that every woman deserves to have a sense of control, security, and peace regarding their personal finances. We don’t just focus on the numbers, because money is more than math. We focus on you...what are your values, concerns, and goals for the future. By working with a professional that understands the unique financial needs of women, you will create a plan that identifies where you are, where you are heading and what might be on the path ahead. As we work together, you can expect to examine what is important for you both professionally and personally. All resulting in you feeling a sense of relief that you are heading in the right direction.

1Pew Research Center - Breadwinner Moms
2National Association of Women Business Owners - Women Business Owner Statistics
3Business Insider - Women now control more than half of US Personal Wealth..
4Prudential Research Study - Financial Experience & Behaviors among Women
5Family Caregiver Alliance - Women and Caregiving: Facts and Figures
6USA Today - Life Expectancy in the USA Hits a record high
7Smart Money Chicks - 13 Scary Statistics about Women and Money

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