Video Transcript:
Today, women are witnessing a historic power shift.
Women today earn the majority of doctorates and master’s degrees, and control nearly forty percent (40%)of the nation’s total investable assets. So why is it that women are still on average less financially secure and less prepared for retirement than men? Only forty five percent (45%) of working women in the U.S participate in a retirement plan, and those who do, retire with less than half the balance of men. Some reasons for the disparity are that women still earn only seventy nine percent(79%) of the comparable salaries of their male counterparts, and lose an average of thirteen (13) years of earnings due to taking leave for maternity, raising children, and caring for ailing family members.Additionally, there are still a great number of married women who defer important investing and retirement decisions to their spouses.
Since women on average live six (6) years longer than men, they are often left unprepared to make the important financial decisions that lie ahead.It is not surprising, then, that women leave their husbands’ Financial Advisors at a rate of greater than seventy (70% )in the year after their husbands’ death. Women today have embraced an influential role in shaping the future. Now is the time to shape your financial future by educating yourself on savings, investments and retirement.
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