Women Face Challenges When Dealing With Finances

This is a sponsored post for SheSpeaks/Prudential.

Best friends Audrey McClelland from Mom Generations and Vera Sweeney from Lady And The Blog talk about everything from kids to husbands to sex but realized they don’t talk about personal finances (sounds like me with my friends, minus the husband part). Audrey and Vera got together to talk about money as shown in the video below.

Some of the statistics they shared are sad and scary at the same time (for women anyway).

  • Female workers earn 79% of the income earned by their male counterparts.1
  • Today women, on average, retire with 67% the wealth of men. And yet women live 5-6 years longer than men.2
  • 44% of women have no life insurance, while others are underinsured.3

Vera talks about how we go to the doctor for our health, but we also should see a financial professional for our financial health so we can come up with a strategy to help saving for our future. Audrey suggests using “The Value of All You Do” tool to estimate the value of all the stuff you do for your family for free every week. that helps you determine a value. On average, women in the US spend 28 hours per week on household chores (aka working for free), which is 65% more than the average for men.4

Life events usually are triggers for people to think about their financial future. Audrey’s was when her husband was diagnosed with cancer and she was forced to take over the financial responsibilities for the household. Vera’s was when her daughter started middle school, and they realized that they hadn’t started saving for their children’s college education.

Me with the beneficiaries of my life insurance, aka my kids
Me with the beneficiaries of my life insurance, aka my kids

Although I have always been the person in charge of finances in the family, my eyes were opened when my dad died. He left me to deal with a lot of his debt. It was then I vowed that I didn’t want my children to have to deal with that misery when I pass away. I increased my life insurance to make sure the death benefit more than covers my funeral expenses and mortgage principal, plus extra money for each of the kids.

Prudential wants to help women educate themselves about these issues, so that they prepare and protect themselves. Prudential aims to empower women with financial solutions so they can be confident they are making the right decisions for themselves and their families.

Are you a woman that needs help with financial planning? Don’t wait for your life trigger. Do it today!

Sources:

  1. Source: U.S. Census Bureau, Historical Income Tables Table P-40: Women’s Earnings as a Percentage of Men’s Earnings by Race and Hispanic Origin, 2016
  2. Source: Prudential Retirement analysis; National Center for Health Statistics, Health, United States, 2015: With Special Feature on Racial and Ethnic Health Disparities. Hyattsville, MD. 2016
  3. Source: LIMRA study, Life Insurance Ownership in Focus, U.S. Person-Level Trends: 2016
  4. Source: Organisation for Economic Cooperation and Development, October 2016, http://stats.oecd.org/index.aspx?queryid=54757
Women Face Challenges When Dealing With Finances

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