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Women and Financial Security

Written by: Sharon Alderson

Article Overview: Studies show women are actually more worried about financial security in retirement than men. Whether you are married, divorced, single, young or old, as a modern woman, there are compelling reasons why you should take your financial future seriously and if you haven't already done so, perhaps it is time to think about it now. Why are women more financially vulnerable?

Women and Financial Security

Why are women more financially vulnerable?

When a marriage ends, or a spouse dies they become the sole source of financial support for themselves and their family

Women generally live longer than men and consequently spend more years in retirement; therefore they need a larger retirement nest egg

Time outs such as childbirth and child care can cause a woman to put her career on hold and this time away from the job may have a significant impact on a woman’s ability to re-enter the workforce and maintain a growing income stream.

Women are less likely to be part of a company pension plan, because many of them work in a small office environment where there are no company paid benefits or they’ve chosen to work for themselves.

Women are less likely to contribute to RRSPs than men and of the women that did the average contribution was about $1,400 less than the average for men

According to Statistics Canada, employed women ages 55 to 64 had incomes that were half of what men in the same age category made.

Investing and taxes is becoming more complex everyday, and not just for women.

Many women are made to feel inadequate about financial matters

Women have rarely been encouraged to interest themselves in financial matters

In 2003 there were 70,828 divorces. 81% of all one parent families were headed by women

In many instances, death, divorce, job loss, illness or some other unforeseen event can change a woman's situation overnight and many are not financially prepared. This can cause not only financial disaster, but the stress has an impact on our relationships as well. Your financial security is dependent on your willingness to take your financial future into your own hands.

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Article Tags: divorce, finances, financialsecurity, pensions, RRSP, women
Referred by: http://www.womenforwomen.ca



Related Forum Posts
Re: History of Women in Business in the United States - Yes. Women have increasingly made positive economic contributions to society and their position is being recognized more and more as seen on the Forbes List of Executive Women. In general, women can be a bit more practical in their approach as entrepreneurs too.
A ton of Great Women - You might want to profile Teresa Cascioli of LakePort Brewery. She has an amazing story! I met her at at the celebratory luncheon for the Profit/Chatelaine Top 100 Women Business Owners. The Top 100 list is also a great resource for inspirational stories of Women Entrepreneurs.
Re: Are entrepreneur women more organized than men? - Women are generally more organised than men. They have good instincts more than men. Women are generally aggressive when it come to business. You don't want to mess up with them.
Re: Are entrepreneur women more organized than men? - The issue of women being more organized than men is true, start from you home, just see how messy the boys are. Women are also very cautious, unlike men who take any risk, a woman will analyze the risk first. Women are also go getter when it comes to business, once they make their mind, then they go for it.
Re: Why aren't there more women entrepreneurs? - My opinion on this (being a women, and being disabled), is; Women in general like security. Women are the caretakers, in general. In the work environment we are the one to have children. We are the ones who leave work to do this. We deal with a stigma that we are bad mothers if we work, but we are a bad mother if we do not work. I feel there is no way a man could ever understand this. Sure they can try, and some do a good job of it, however they truly do not understand. How could they?? Being a entrepreneur is throwing cation to the wind. It takes believing in yourself. It takes a women who can have someone say no, put us down or just plan old negativity and for us to turn it around. Women who can do this are called names, while men in the business world are just expected to have a thick skin. Studies show in the work environment that women are more apt to be bullies. Women are more apt to turn on each other. We expect more out of each other. Many women also use the work environment to socialize and to find a mate. Men and women are not created equal. Once we understand this and take what we are and "run" with it; the better all of us will be. Women business owners, women entrepreneurs are still considered a minority. Since there are more women then men in this world, some day this will turn around. This too is why men need to protect themselves and keep us under some kind of control. What bothers me to no end is when women give in to the mans world using sex as a selling tool. We need strong women leaders, not those who use their bodies as a step up. This is just my opinion on this subject.


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