Leaps and bounds, but still a long way to go.
Nothing compares to the feeling of opening the first bank account in your own name. For women, it means so much more than just an account; it’s independence, a sense of security, and a sense of ownership over their own lives and well-being. However, it has not always been as simple for women to walk into a bank and open an account. Until the 1960s, many women could not open accounts without their husbands’ or fathers’ permission, and it wasn’t until 1974, with the passing of the Equal Credit Opportunity Act, that women could even apply for a line of credit on their own.
Women have entered the workforce more significantly than their mothers or grandmothers did. They are also more likely to have a higher education degree.
Single women who are highly educated make up a more significant portion of the workforce now than they ever have. Boomer women (those born between the mid-1950s through the mid-1960s) joined the workforce and stayed in even after marriage and having children, unlike their mothers or grandmothers. Modern women are much more likely to work through their children’s school-age years. At the same time, the number of married women who combine their income with their husbands, are more likely to leave the workforce and therefore lose money when it comes time to look towards retirement.
According to a study from the Center for Retirement Research at Boston College, almost half of Americans do not think they are prepared for retirement. When asked, women still feel insecure or uncomfortable about planning for their finical futures, including retirement planning. Even well-educated women do not feel knowledgeable about retirement planning.
Women need to be more well-versed in investment and retirement planning and feel they have a strong sense of control over their financial futures. Accessing a financial professional is even more imperative for women, considering life expectancy is generally longer for women than for men. This means women need to plan for their financial security for longer periods of time.
Within this digital age, where knowledge can be gained with a few keystrokes, there is no reason for women to feel under or unprepared for planning their financial futures. Educational tools plus a qualified, trustworthy professional make for a successful planning team. The ability is there, and it just needs to be accessible. Women have the ability and the drive to do anything in their careers. This needs to carry over to this very important aspect of their futures.
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