Studies show that women who work with a financial professional to create a plan for their financial security are better prepared for retirement.
Studies also indicate that while women have a desire to increase their knowledge of finances and retirement planning, they don’t take action. I believe one reason is because the financial services industry is a turn off to women because they’ve systematically catered to men.
Another reason is that women are quite frankly too busy. Depending on our roles and family position, we wear many hats and juggle far too many responsibilities. Leaving very little time for financial and retirement planning.
In light of our busy daily schedules, women have come to view taking charge of finances as an important but not urgent task. But I’d like to suggest a paradigm shift:
For women, taking charges of finances needs to be an extremely urgent and important task.
Perhaps hearing from the experts will wake us up to reality.
Industry thought leaders comment on retirement reality for women
“Boomer women are waking up to the fact that they will need more money than they thought to live comfortably in their later years, and will view work as a transition to or an integral part of their retirement.”
Sandra Timmermann, Director, MetLife Mature Market Institute
“The fate of boomer women could be worse than their predecessors’, as this generation spends more, acquires more debt, and is less likely to have traditional pensions, spousal benefits, or retiree health-care coverage.”
Cindy Hounsell, President, Women’s Institute for a Secure Retirement
“Policymakers have long ignored the plight of boomer women approaching retirement with insufficient resources. This needs to change, and quickly.”
Anna M. Rappaport, President, Anna Rappaport Consulting
“Compared with male retirees, female retirees will have lower wealth and incomes, higher poverty rates, and a larger share whose incomes are below 45 percent of the national average wage.”
Barbara A. Butrica, Senior Research Associate, and Cori E. Uccello, Consultant, Urban Institute
“The Social Security system needs to be modernized to address the needs of the boomer generation of women and the generations of women following their path breaking footsteps.”
Heidi Hartmann, President, Institute for Women’s Policy Research
If that isn’t a strong dose of reality, I don’t know what is. My hope is that women will take heed to what the experts are saying about the potential financial challenges we face in retirement.
I also want women to know that we have the power to change this reality for the better by taking a stand for our financial destiny.