As part of my "Women's Issues That Scare Me" series, I had to include some eye opening statistics and what we can do about them. I highly recommend the book Rich Woman and website Rich Woman.com for any woman who wants to increase her financial education and take control of her financial future! The following is a little more from the author and creator of Rich Woman, Kim Kiyosaki:.
The statistics about women and money are very startling. The following are U.S. statistics, yet I find that for other countries around the world these statistics are either very similar or trending in the same direction.
In the U.S.:
-47% of women over the age of 50 are single. This means they are financially responsible for themselves.
-Women's retirement income is less that that of men because a woman is away from the work force an average of 14.7 years as compared to 1.6 years for men. (Women are typically the primary care taker of the home.) This along with lower salaries, adds up to retirement benefits that are only about 1/4 of those of men. (National Center for Women and Retirement Research - NCWRR)
-50% of marriages end in divorce. And who typcially ends up with the children? The woman. So now she is solely financially responsible for herself and her children. (What is the number one thing couples fight about? Money.)
-In the first year after a divorce a woman's standard of living drops an average of 73%.
-As of 2000, women are expected to live an average of 7-10 years longer than men which means they must provide for those extra years. However married baby boomer women can expect to outlive their husbands by 15-20 years on average.
-The average female born between 1948 and 1964 may likely remain in the work force until at least 74 years of age due to inadequate financial savings and pension coverage. (NCWRR)
Of the elderly living in poverty:
-3 out of 4 are women
-80% of the women were not poor when their husbands were alive.
-Approximately 7 out of 10 women will at some point live in poverty.
What are these statistics telling us? They tell us that more and more women, especially as they become older, are not educated or prepared to take care of themselves financially. We've spent our entire lives taking care of our families but have no ability to care for ourselves in this vital way. We are weither depending on someone else to do it for us- a husband or partner, a boss, a family member, or the government. or we just figure that it will all work out. The fairy tales we grew up with were just that.
Three final statistics to consider:
1) 90% of of all women will have sole responsibility for their finances within their lifetimes...yet 79% of all women have not planned for this.
2) 58% of female baby boomers have less than $10,000 in retirement.
3) Only 20% of baby boomer women will be financially secure in their retirement. That means 80% of us will not be.
The “How To’s” of investing are the same for men as they are for women. What is different is many of the issues that women face when it comes to money and investing.
Rich Woman is designed to be an informative and interactive community where women come together to learn from one another, to understand where you are today financially and where you want to be… and most importantly, how to get there.
At Rich Woman you will learn how to analyze real estate deals, business deals and paper assets. You will understand how to tell good advisors from bad advisors (regardless if they’re male of female.) Plus, you'll be able to take part in what the women in this community want to learn, teach, and discuss to get us all to our goals.
What Rich Woman Is Not…
Rich Woman is not a community for women who are ambivalent about their financial lives. It is not a community for women who want to blame others for their situation. This is definitely not a platform for women who just want to complain about men. The men in your life should be allies, not enemies, in your quest. This is not a place for victims; for women who feel that life is picking on them. You cannot take control, take action and create results with a victim mentality.
Rich Woman is for the woman who has a desire to learn, as well as teach what she’s learned to other women. It is for the woman who will take action and make great things happen for herself. It is for the woman who is insistent on improving her financial world and who wants to be part of a movement that supports women all over the world in accomplishing their financial dreams.
If that is what you want then I welcome you with all my heart to Rich Woman.
Because, as I’ve said many times,
“I believe the world would be a better place if there were more Rich Women.”
Kim Kiyosaki
Comments (3)
Those stats, if true, are amazing and sobering.
Posted by Rhea | October 24, 2006 2:55 PM
Posted on October 24, 2006 14:55
You can verify them, I put at least one link to the National Center for Women and Retirement Resarch. I know- it is very sobering- I want all women to be aware and take steps to educate ourselves!
Posted by prlinkbiz | October 24, 2006 5:10 PM
Posted on October 24, 2006 17:10
Along the same lines, is a great resource called Women, Get Answers About Your Money by Carolyn Castleberry. Although it's not about how to get rich, per se, it does give very practical advice for women who are not familiar with the world of finances. I've found it very helpful.
Posted by kelly | December 18, 2006 9:56 PM
Posted on December 18, 2006 21:56