Why Women Need to Start Caring About Their Money

Today’s modern families, which include single parents and same-sex couples, is putting more pressure on women to attain financial independence, according to the 2013 Women, Money & Power Study from Allianz Life.

The survey found that 67% of women in today’s modern family, including single, divorced or widowed moms and same-sex couples, say their family situation creates a heightened need to be financially aware and independent. And married women are now the minority group in terms of current relationship status: only 39% of respondents. I find this to be a surprisingly low number.

Pew Research also recently reported that women are the main breadwinners in 40% of American households, due to the fact that so many of them are single parents and because 15% of women now make more than their husbands in households where the median family income is $80,000. That compares with a national median income of only $23,000 for single-mom households. Many mothers have had to get a job since the recession in order to help with financial necessities.

Women still have unmet needs when it comes to achieving comfort and confidence with money. With nearly half of all women saying they sometimes fear becoming a “bag lady,” it’s clear that there is more work to do in educating women about financial matters and building their confidence in their own financial future.

Divorce and widowhood continue to trigger financial trauma for many American women, a trend that is growing. Nearly half (48%) of divorced respondents in 2013 said divorce threw them into financial crisis, up from 43% in 2006. A full 50% of widows in 2013 said widowhood caused them financial crisis. A simple solution, life insurance, could have prevented some of that trauma for those widowed.

The key point from this research is that women can’t rely on someone else for financial security, and they need to assume personal responsibility for their financial well-being. Be proactive and call your agent or financial advisor to start planning today.

by Marvin H. Feldman

Marvin H. Feldman, CLU, ChFC, RFC, is president of the Feldman Financial Group in Palm Harbor, Fla., and president and CEO of Life Happens. He is a 41-year Million Dollar Round Table member and was the 2002 president. He is a 33-year member of the MDRT Top of the Table and a past Top of the Table chairman. He also is the recipient of the 2011 John Newton Russell award, the highest honor bestowed on an individual by the insurance industry.

  1. I agree, with your opinion in your article about Women and Their Money that women still have unmet needs when it comes to achieving comfort and confidence with money.

  2. It is true that women must not rely on someone else in terms of their money. I agree with calling a financial advisor. I also believe in getting insurance plans to secure your life as well as money.

  3. In more recent decades, the changing economic role of women has greatly impacted the role of fathers. Between 1948 and 2001, the percentage of working age women employed or looking for work nearly doubled–from less than 33 percent to more than 60 percent. Their increase in financial power made paternal financial support less necessary for some families. In tandem with the growing autonomy of women, related trends such as declining fertility, increasing rates of divorce and remarriage, and childbirth outside of marriage have resulted in a transition from traditional to multiple undefined roles for many fathers. Today’s fathers have started to take on roles vastly different from fathers of previous generations.

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