However, he notes that these statistics incredibly don't tell the full story that is certainly how the average age at which women come to be widowed is 56 years. Since the life expectancy of the woman who reaches age 55 is about age 82, if a widow she doesn't remarry, that equals 27 years of getting solely responsible for her financial decisions.
When the foregoing details are regarded as along side divorce statistics, the need for women to become active financial planners is strengthened. In this regard, Almond (1998) reports that currently in American, divorce destroys 50 percent of all marriages and that is a rate that has held steady for several years. 1 in the quite a few consequences of divorce is that most women are forced to take on financial responsibility for themselves and their children.
Another reason why it is crucial for women to eat an active role in managing their dollars and preparing for their future is that, over a average, women are paid only 76 percent of what men are paid (Waddell & Reed Financial Products, Incorporated, 1998). Moreover, almost 50 percent of working women don't have a company-sponsored pension plan (Waddell & Reed Financial Products, Incorporated, 1998).
Kilty and Behling (1986) investigated the extent and patterns of financial planning among professional workers, with emphasis on planning for money following retirement. Job interview methods have been applied to your sample of 103 attorneys, 116 social workers, 119 high school teachers, and 119 college professors (Average age = 43.79 years). All sample subjects had been currently living in the Columbus, Ohio, area.
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