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The Money Conference for Women is designed to address the unique financial issues women face in their professional and personal lives that impact their retirement and put them at higher risk for poverty later in life. Recent statistics about women and finance show that:
Women earn less than men working in the same position and continue to work in jobs that pay less. The discrepancy between income levels for women of color is even larger.
·Women who work full time earn about 77 cents for every dollar that men earn.
·60% of women work in low-wage jobs (clerical, sales, and service) that often do not offer pension plans.
·Median earnings for full time, year round workers are: men ($46,367) and women ($35,745). The gap widens severely for women of color: African American ($31,489) and Latinas ($26,846).
As primary caregivers for their children, women do not spend as much time in the workforce as men do. Women live longer than men, on average, and need more resources to support longer lives.
·Women average 27 years in the workforce compared to almost 40 years for men.
·Today a woman who is 65 years old can expect to live to age 85, while a man can expect to live to 82.
Disparities in life increase a woman’s likelihood to suffer financial insecurity and live in poverty during her later years.
·Only 28% of women age 65 or older receive pension benefits, versus 45% of men.
·Half of all elderly women would live in poverty without Social Security benefits.
Learning about money and investing is one of the best things you can do for you and your family's future. Take the time to consult these resources and learn about money management, planning and achieving financial independence:
Women and Money: Your Personal Finance Guide by Dee Lee, Flying Pig Publishing, 2004.
