The Women's Project
"The majority of women (single, married or with a partner) are the primary breadwinners in their homes, according to a 2012 study of 1,410 women and 604 men by Prudential. Among women who are married or living with a partner, 22% report making more money, the study shows."
The earning potential of women has grown -- as of 2008, wives contributed to 36% of family earnings, vs. about 27% in 1970, according to a 2011 survey by financial services research firm Hearts & Wallets.
A high divorce rate, plus women outliving men, means that 80% to 90% of women will be solely responsible for their finances at some point in their lives, says Kim Dellarocca, a director of Pershing, a business solutions firm.
It's a male-dominated field -- the vocabulary, the way we measure it, present it. It's a language that has been always spoken by men to men," says Eleanor Blayney, co-founder of the financial education firm with Downey. "It misses some fundamental truths about women and the way they think and make decisions.
The 2012 Hearts & Wallets study shows that having dependents increases financial stress for women more than for men. Of women with children, 39% reported having high or moderate anxiety about finances in retirement vs. 29% of men with children.
This is a question that has some interesting research results. Here is an article that is fairly representative of this research.
What Happens When Life Happens
We have a program and hold many events which focus on "What Happens When Life Happens." What we mean by this is that all women can benefit from taking financial responsibility. The women who most often think "they are just fine" can be the most vulnerable and because they are often wealthy and married, not facing marital instability - this group of women feel completely protected financially. This may not be the case.
Some interesting anecdotal stories center around well to do families where the husband earns substantial income. Life happens as in an economic downturn, loss of a high paying job, decisions to start a new business, etc. In cases where the wife hasn't been in the workforce for many years and a detrimental financial event occurs, women should have their own plan or at least a plan where she is protected from events outside of her control.
Interview of Tim Russell about Women and Finance by the Mitchell Reports.
Call Kareen Maskell for further information, consultation or to sign up for the next women's event. We have a lot of fun at these events - take a look at a recent event where both chocolate and charity came together with excellent financial information and the ability to ask questions in an informal setting.
"The hardest years in a woman’s life are those between 10 and 70."Helen Hayes at 83