Disclosure: This is a sponsored post for SheSpeaks/Prudential.
Although life is better for women nowadays, we still lag behind men when it comes to finances. While some factors that contribute to our wage gap are still beyond our control, good news is there is hope. With a little inspiration and know-how, we can do more now than ever before. When I first starting working I was paid an hourly wage of $3.35 an hour. With a net pay of $104 a week, it was hard to save or invest my money. The jobs in my town that girls were hired for all paid horribly, but the guys my age qualified for jobs that paid at least a dollar more an hour.
There are four key challenges women face when dealing with finances. Women earn less than men, invest less, live longer, and spend more time on household chores. The average working woman earns 79% less than her male counterpart.1 Although there are many contributing factors to these statistics the fact that we are less likely to negotiate our salaries and spend more time out of the workforce impacts us greatly. It affects our 401K balances and social security payments, which results in 27% lower benefits than men.2 By negotiating our salaries and spending less time out of work we can do a lot for our financial futures. I wish it hadn’t taken me so many years to realize this fact. Speaking to a Prudential advisor is something I highly advise all women to do early on in their careers so that they can avoid a lot of the mistakes I’ve made throughout the years.
Women outlive men by an average of 5-6 years.3 The question is: Are we financially prepared for those extra years? On average women spend 28 hours per week on household chores. That’s 65% more than the average for men.4 The value of our efforts over the years is staggering. It’s hard to put a price on it but Prudential has done just that with their Value of all you do tool. I strongly recommend you check it out because it can be a major eye-opener. It definitely inspired me to have a talk with my husband. Putting a dollar amount to what I do around the house inspired him to do more. Who knows, it may even work for your significant other. Make some time to check it out together and find out for yourself.
Becoming more educated really bolsters my confidence and contributes to my motivation. What I learn turns into empowering conversations. Thanks to Prudential I’m much more comfortable with talking about finances. I used a lot of what I learned to create my very own financial plan. Speaking to a Prudential advisor after checking out the toolkit is probably one of the smartest things you can ever do. They will educate you and help you get started on your journey of financial success.
I feel confident that I will be able to retire and fulfill my dreams of travel.
What are your dreams for retirement?
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Sources:
- U.S. Census Bureau, Historical Income Tables Table P-40: Women’s Earnings as a Percentage of Men’s Earnings by Race and Hispanic Origin, 2016
- Social Security Administration, Fast Facts and Figures About Social Security, 2016.
- Prudential Retirement analysis; National Center for Health Statistics, Health, United States, 2015: With Special Feature on Racial and Ethnic Health Disparities. Hyattsville, MD. 2016.
- Organisation for Economic Cooperation and Development, October 2016, http://stats.oecd.org/index.aspx?queryid=54757.
