Are you ready to #OwnMyFuture?
As promised, I told you I would say the Facebook Live that Vera and I co-hosted with Prudential.
We discussed financial challenges that women face today and how to overcome them. This topic is SO important for women today to know inside and out. I have committed 2017 – for me – to be all about understanding my finances and what it available to me. Sylvia Tergas, the Prudential Financial Planner that we got to interview was incredible. She explained topics that I have been scared to venture into because they are too much of the unknown. She explained everything clearly and in a way that really allowed me to understand and feel comfortable going forward into these “unknown” areas.
Please take 30 minutes to watch and start taking control of your financial future!
It was an eye-opening 30 minutes for us and we’re committing 2017 to be about taking control and understanding all options for US out there. What really stuck out to me were these 4 stats about women and finance that really we should ALL be aware of:
- The Wage and Income Gap: Did you know that on average, women make 78 cents to every dollar that men earn? This is because of many issues – lower likelihood to negotiate salaries, time out of the workforce, differences in pay. The wage gap not only impacts women’s 401K balances over their lifetime but it also impacts their social security payments. Women’s social security benefits are 27% lower than that of their male counterparts.
- Investment Gap: Women don’t invest to the same degree as men. Women’s discomfort with investing comes at a high cost for them: They are apt to delay investing, invest more in lower risk, lower return investments and are more likely to run out of money in retirement.
- Women Are Living Longer and Living Alone: Women outlive men by an average of 7 years. Are they prepared financially for these years?
- Time Gap: Women do twice the amount of housework that men do – 4.5 hours on average per day according to recent research conducted by Melinda Gates and the Gates Foundation. That is uncompensated work and often it does not figure into women’s financial planning.
Pretty incredible, right?
Let’s commit to making 2017 our year of understanding our finances. It’s something that we might not all love to talk about, but it’s something we need to make sure we’re on top of throughout our lives.
Disclosure: This was a sponsored Facebook Live program with Prudential. All opinions are 100% my own.