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From an article on MSN:
Why are Women's Financial Needs Different?At first glance, it may be difficult to believe that women's financial needs are all that different from men's. However, while the general principles of financial planning are universal, women face unique challenges that amount to different financial needs.
- Women live longer than men (an average of 7 years) so they need 20% more for retirement.
- On average, women earn 25% less than men.
- Since women tend to take time off to raise children or take care of parents (women take off approximately 11 years more from work than men), they save less than men do for retirement.
- After earning lower salaries for fewer years, women's social security benefits are about half of men's.
- The majority of women had certificates of deposit (CDs) in their retirement savings accounts when a more aggressive investment vehicle was more appropriate.
The Consequences are Serious.
- Almost 1 in 4 women are broke within two months of a husband passing away.
- Over 75% of all women are eventually widowed at an average age of 56.
- 53% of women are not covered by a pension compared to only 22% of men.
- A staggering 87% of the poverty stricken elderly are women.