This is a sponsored post for SheSpeaks/Prudential
Is it weird to say that I still don’t feel like a full-fledged adult? It’s been 20+ years since I graduated high school, I have kids, I’m married, I have a mortgage and matching towels; I suppose I have to accept it. I’m a grown up. **Insert groan here**
Women, when we get together as friends, we talk about our kids, our lives, and sometimes our husbands. But we’re not sharing life-changing information, like life insurance and retirement plans. Sure, it’s not as exciting as the gossip we usually spill when we’re together, but it’s important that we start sharing.
Just when we think we’re kickin’ butt and takin’ names, statistics actually show that women are still falling behind. Did you know that, on average, women have 30% lower retirement balances than men?1 Perhaps even more frightening is that 44% of us have no life insurance and if we do own life insurance, most of us are likely underinsured.2
This is why we’re sharing this post! We were thrilled to partner with Prudential because they believe that women should AND can take control of their finances. Prudential wants to help women realize the four issues that are challenging women’s financial security and help them find ways to secure their financial future!
- Wage and Income Gap: The average woman working full-time earns 79% of the income earned by her male counterpart.3 This is because of many issues – lower likelihood to negotiate salaries, time out of the workforce, differences in pay. It affects our 401K and our social security payments which, in turn, all affects our future.
- Investment Gap: Women don’t invest to the same degree as men. 4 If anything, we should be investing more as we’re likely to live longer than men.
- Women Are Living Longer and Living Alone: Women outlive men by an average of 5-6 years. 3 Again, this is exactly the reason we should be investing more into our retirement future!
- Time Gap: On average, women in the U.S. spend 28 hours per week on household chores5. There isn’t a soul in the world that has to remind us that time is uncompensated work. Sometimes rewarding, perhaps, but it ain’t fluffing our 401K. Prudential has an awesome tool you can use called the “Value of all you do”. It quickly quantifies the value of all the household chores we do on a daily basis. As if we really needed to be reminded of how awesome and valuable we are, right ladies?
It’s not difficult to get the ball rolling, I promise. I can’t believe I’ve put it off for so long and I’m thankful to Prudential and to Vera Sweeney and Audrey McClelland, as well as our friends at SheSpeaks, for engaging women in this important discussion.
Take the time to find out the value in all you do and talk to a Prudential professional to help secure your future finances!
1. Prudential Retirement analysis reflecting defined contribution plan balances of Prudential record-kept plans as of December 31, 2015
2. LIMRA study, Life Insurance Ownership in Focus, U.S. Person-Level Trends: 2016
3. 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
5. Organisation for Economic Cooperation and Development, October 2016, http://stats.oecd.org/index.aspx?queryid=54757