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Challenges Unique to Women
At some point in their lives, most women will be solely responsible for their financial security
The Facts
- About half of marriages end in divorce, and divorce rates are rising among couples over 50
- Women live 5 to 6 years longer than men. 975,000 women are widowed annually, at a median age of 59
- Some women never marry. 6% of all women over 55 never married as of the latest census data
The Problem
Evidence shows many married women are putting their heads in the sand. Over half of married women leave family investment decisions to their husband.
What Financial Struggles Do Divorced and Widowed Women Face?
- Lack of confidence about their financial and investing knowledge
- Finding financial surprises and blaming themselves for not knowing more
- Experiencing difficulty learning something new and important (finance) during a time of emotional stress
Why Do Men Feel Twice as Confident as Women about Their Financial Knowledge?
- Historical gender roles: men are often the primary provider
- Women are more likely to focus their time on children and household tasks
- Historical bias against women in math and science
- Personal finance classes typically NOT offered in high school or college
Steps You Can Take Now
Have a conversation with your partner about your finances. Topics to include:
- Find out about all of your assets and all of your debt. Total assets minus total debt is your net worth
- Create a document detailing all of your financial accounts, including insurance, with contact information and passwords. File in a safe place and have at least one other trusted person who knows the location
- Discuss whether you are living within your means and planning for the future
- Discuss your investment plan for your savings
- If you are not confident about your financial knowledge, find an advisor who will help educate you, or attend some financial seminars
The 2X Value Proposition
Many advisors recognize the issues women face, but…
- We are women with investment experience. Only 16% of advisors are women
- We make sure women are part of the financial conversation and understand the how and whys of their family finances
- We are committed to educating women. We write monthly blogs. We provide information about how to choose an advisor and offer articles about challenges particularly faced by women
- We offer seminars on a variety of financial topics for women and couples in the San Francisco Bay Area
Own your financial future now, don't wait for a crisis.
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