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Women and Financial Wellness

Message 1 of 18 (951 Views)

Women have increased their labor force participation, but still bear a disproportionate share of family caregiving responsibility. Different patterns of work have lifelong consequences for the financial security of women. Women also tend to live longer than men. For example, a woman who is 65 years old today can expect to live until about 87, whereas a 65-year-old man can expect to live until about 84. 

 

When it comes to managing your own financial wellness, what are your main challenges and best advice in overcoming them?

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Re: Women and Financial Wellness

Message 2 of 18 (898 Views)

AARPLynne wrote:

Women have increased their labor force participation, but still bear a disproportionate share of family caregiving responsibility. Different patterns of work have lifelong consequences for the financial security of women. Women also tend to live longer than men. For example, a woman who is 65 years old today can expect to live until about 87, whereas a 65-year-old man can expect to live until about 84. 

 

When it comes to managing your own financial wellness, what are your main challenges and best advice in overcoming them?


I have worked all my life.  I learned about financial responsibility from my dad.  When I got my first job, he went with me to open a bank account and he told me no matter what, always keep my own and be prepared for emergencies.  That advice has stood me in good stead over these many years.  When my husband died I did not have to figure out what was going on financially.  I knew. 

 

I don't have any different issues than a man or any other single working adult would have.  I am fortunate.  As said many times before, courses on personal finances would benefit all high school kids.

 

 

 

 

Life's a Journey, not a Destination" Aerosmith
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Re: Women and Financial Wellness

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Being the child of a divorced parent, she made sure I got a good education, and had a solid career .. so I was never financially dependent on anyone else. And since she enjoyed managing her money, she imparted that interest & education to me as well. I've been on my own & had my own home, since I was 29, and paid off my mortage at 49.

 

My only financial challenge is keeping the government from taking too much in taxes. I greatly resent that I pay significantly more for the same Medicare coverage, because of my income.


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Re: Women and Financial Wellness

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Message 4 of 18 (868 Views)

"...When it comes to managing your own financial wellness, what are your main challenges and best advice in overcoming them?...".

 

From the male perspective, and with stats to back it up, the main challenge for women is that they need to quit being ignorant of finances. Every study I've ever read, and have seen this anecdotally, is that women leave the finances to the guys, and if they lose that resource, find out they know nothing about the more 'technical' aspects of finance. A great many divorces or widowed women talk about how they knew nothing about their savings, investments, or even credit card debt.

   I say 'technical', because many women know how to budget, but they don't know how to invest or know anything about tax strategies.

   In my case, DW was an accountant in a former life, and frugal, so I lucked out. Even then, she knows taxes, but leaves all the investing to me (other than being concerned about tax ramifications).


Just think. The world was built by the lowest bidder.
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Re: Women and Financial Wellness

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retiredtraveler wrote:

"...When it comes to managing your own financial wellness, what are your main challenges and best advice in overcoming them?...".

 

From the male perspective, and with stats to back it up, the main challenge for women is that they need to quit being ignorant of finances. Every study I've ever read, and have seen this anecdotally, is that women leave the finances to the guys, and if they lose that resource, find out they know nothing about the more 'technical' aspects of finance. A great many divorces or widowed women talk about how they knew nothing about their savings, investments, or even credit card debt.

   I say 'technical', because many women know how to budget, but they don't know how to invest or know anything about tax strategies.

   In my case, DW was an accountant in a former life, and frugal, so I lucked out. Even then, she knows taxes, but leaves all the investing to me (other than being concerned about tax ramifications).


I think that men liked it just that way for a long time (well of course not all) I remember in the early years of career that many men did not like being called by a woman in regard to how they paid their bills etc.  In fact some old timers still don't like it : )

 

 

Life's a Journey, not a Destination" Aerosmith
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Re: Women and Financial Wellness

Message 6 of 18 (846 Views)

@retiredtraveler, @nyadrn - I was trying to avoid saying this, but here goes .. men can take that same "avoidance route" when it comes to tasks at home that women do in more traditional households .. like cook! I know guys who eat out, if their wives are away or out during mealtimes, rather than prepare a simple meal for themselves. Some will only reheat a leftover in the microwave, or nuke a frozen meal .. then eat off a disposable plate "because it's easier". Years ago I worked for someone who said he'd starve, if his wife died first .. I thought that was pretty pathetic!


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Re: Women and Financial Wellness

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"... I was trying to avoid saying this, but here goes .. men can take that same "avoidance route" when it comes to tasks at home that women do in more traditional households .. like cook!....... I thought that was pretty pathetic!"...

That's a separate subject that would come under 'does you SO do chores around the house?'.  But agreed.


Just think. The world was built by the lowest bidder.
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Re: Women and Financial Wellness

Message 8 of 18 (585 Views)
Nodded to your comments but a big Thanks for the end note, "The world was built by the lowest bidder." Haven't seen that in years and forgot.
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Re: Women and Financial Wellness

Message 9 of 18 (585 Views)

I credit my parents also for instilling in me a strong sense of financial responsibility as well as a good work ethic.  They also demonstrated that if you take good care of your things, whether those "things" are toys, clothing, vehicles, furniture, etc., they will last a long time. 

 

I have never married and know that I have only myself to depend on and that becomes a more serious issue after retirement.  I started contributing to a 403b in my first "grown up" job at age 21 and have tried to build a good emergency fund as well.  I save for my home projects or new cars as much as possible rather than borrow money.  I paid off my home 13 years early. 

 

Life can be enjoyed without breaking the bank.  After getting laid off from a well paying job 9 years ago I never reached that salary level again, yet my lifestyle has not suffered.  Think before you spend.  Keep splurging to a minimum.  Just use good common sense.  However, keep in mind my perspective is that of a single woman who never had children.  I do not for a moment believe it is that easy to control finances when you are raising a family.

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Re: Women and Financial Wellness

Message 10 of 18 (575 Views)
A bit on the side of focus, but you made a point I've never understood. Have known wives to go on a family trip because the man can't get back home in his own vehicle within 24 hours so refused. She pre-cooked meals so he would not skip meds or meals. If he could still drive, that didn't help. It can be fun to eat out, but if you can't find household groceries or supplies because it's another person's job, that is pitiful. Not learning to use the washier/dryer or knowing how to start the vacuum is not funny. It becomes a care issue as we age and can create dangerous homes. Not eating is no joke for the elderly when many of us are on medication. Men & Women at least need to know where to start those things we ignored. At least beware of thieves and scammers so the wrong person doesn't get in our homes or financial lives.