Women, get a financial grip
November 17th, 2006
Here’s some news you can use: MSNBC contributing writer Vanessa Richardson published a helpful article last week on how women need to do a better job of planning for their retirement, starting in their twenties and thirties. Considering the high divorce rate, our longer life expectancy, and the fact that many of us don’t marry at all, sometimes even — gasp! – by choice, stories like this are much needed.
Some statistics from the article:
According to Allstate’s sixth annual “Retirement Reality Check” survey, which measures Americans’ attitudes toward and savings for retirement, almost half of women — 48 percent — have considered the financial implications of retiring alone, compared with 36 percent of men. Yet when asked who takes the lead in planning for retirement, 45 percent of women and 65 percent of men said the husband or male partner.
The majority of respondents said they are not set for retirement, although men feel a little more optimistic than women. Only 19 percent of women, compared to 23 percent of men, said they felt “very prepared.”
Blech. But not surprising.
On a positive note, the article quotes money maven Barbara Stanny up and down, who always has encouraging advice for women on managing their finances. I was happy to see the article also addressed whether to keep your own kitty on the side, even if you’ve shacked up, and how to present that bit of information to your significant other. Too bad it didn’t go into the ramifications of saving for retirement as a self-employed person, which can be even more daunting.
Entry Filed under: Money honey
2 Comments Add your own
1. kelly | December 17th, 2006 at 12:12 pm
I think this is great advice. I’ve been reading a book called Women, Get Answers About Your Money by Carolyn Castleberry, which encourages and teaches women about all differenet areas of finances. It’s really been helpful for me. I’m married, but regardless, I think women should definitely be more educated and prepared.
2. Michelle Goodman | December 17th, 2006 at 4:29 pm
thanks for the suggestion, kelly. i agree that it’s important for single AND married women to fully educate themselves about money.
i’m single, but i definitely wouldn’t let a partner handle all finances if i shacked up with them; i’d want to know what was going on in our financial lives too. in fact, i’d probably have a hard time combining ALL dual income; i’d probably want to keep some accounts of my own.
we hope the worst will never happen to our marriages or domestic partnerships, but we can’t go through life expecting that someone else will ALWAYS be there to take care of us or catch us if we fall. that’s a pretty retro way of living. people unexpectedly get sick, leave, or have a change of heart all the time. you’ve got to be prepared. and if both partners are money savvy, then you’re doubly prepared for that rainy day, which is pretty cool if you ask me.
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