The position of women in society is changing dramatically. Coupled with our population aging this has a significant impact socially and economically. Here are a few surprising facts:
What does this mean for women, the economy and our aging population?
Today 11% of women age 65, or older, are poor compared to 7% of men. Fortunately, women are more becoming more educated and earning higher salaries such that the current of poverty older women face will decrease. As women’s individual wealth position improves and they outlive their spouse they will inherit 70% of 1 trillion dollars and will control the majority of the wealth in the nation. But are we ready for this shift?
It is imperative that women become financially educated and participate in planning their financial future. Women must plan for a longer life and to manage that life on their own.
We divide labor because it is convenient and lightens our workload. In my household, I handle the laundry, Christmas and Birthday cards/gifts and general calendaring and organization. My husband handles the bill paying, bottle opening, bug smashing and trash. (the bug smashing is critical) Lovingly known to each other as the Laundry Fairy and the Trash Monster. But if I am not around my husband knows how to do his own laundry and calendar. If he is not around I know how to do the online bill pay, what’s on auto-pay and the logins for bank and investment accounts. Unfortunately, many women are not fully involved in the investing and managing of their money.
We need to make sure they are because soon women will be in control of substantial wealth and our society needs it to be managed well for our indivdual well-being and our future generation’s financial success.
SOOOOO….. talk to your mom, wife, sister, daughter, aunt and grandma to learn about their finances, make sure they know how to access them, where the documents are located, and that they know all of the logins. Make sure your dad, husband, brother, son, uncle and grandpa know this is an important step toward taking care of their loved one.
Authored by Attorney Jennifer Kupiszewski
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