In todayâ€™s society, men and women are supposed to be equal. We do have to face the fact that the word â€œsupposedâ€ is the key here. While it is the ideal situation, it is not always the case. In terms of finances and financial planning, women need to realize certain things. I just read a very thought-provoking article on this topic written by Marci Alboher, and it is worth sharing with you guys. She writes that women should focus on finances for the following reasons.
1. Women earn less than men. While this is not always the case (I know a lot of women who earn more than their husbands), the numbers support this. It may be due to various reasons â€“ from career choice to wage gap. Bottom line: women need to deal with the fact that they might not have as much money to play around with as their male counterparts.
2. Women engage in paid work for fewer years. Again, the reasons vary, but one of the main things is that women take more time off of work. They get pregnant, they need to take kids to school, on trips, or to the doctor. This, of course, affects how women can save for retirement.
3. Women live longer. This is a well known fact, and women have to realize that this requires more in terms of resources.
4. Women still grapple with the “a man is a financial plan” mindset. This may sound archaic, but it still does happen. Every now and then, youâ€™ll meet a woman dreaming of that prince who will take care of her.
5. Women are not encouraged to negotiate their true worth. Nothing more needs to be said, huh?
Bottom line: women should start planning their financial future NOW.