Gender shouldn’t matter when it comes to money – but it does!* All the more reason to get your doodoo together, monetarily speaking.
In this series, we give budget-friendly ideas, set money challenges, share success strategies from other women, and try to hone our fiscal skills – despite our tiny lady brains.**
*Women are at an economic disadvantage for reasons that include:
- Unequal pay. According to the US Census, women in the US earn only 77 cents for every dollar that men earn – doing the exact same jobs. According to the National Women’s Law Center, that translates to an average of over $11,000 of lost wages for women annually; over a lifetime of work, that’s close to half a million dollars lost for the average woman.
- Longer lifespans. On average, women live longer than men do, so they will need to save more for retirement to survive.
- Hands-off habits. According to Bankrate.com, many women, especially ones from the baby boomer generation and older, tend to leave financial responsibilities to their male partners, resulting in a myriad of risky financial situations for the woman, including little credit history, lack of bank accounts in her name, and an ignorance of personal finance skills – all especially bad situations should there be a divorce from or death of the partner.
**Kidding, duh! Our brains are massive.
- US Census: http://www.census.gov/prod/2013pubs/p60-245.pdf
- National Women’s Law Center: http://www.nwlc.org/sites/default/files/pdfs/wage_gap_is_stagnant_2013_2.pdf
- Bankrate: http://www.bankrate.com/finance/savings/financial-planning-flubs-men-and-women.aspx