While men may save more, a study¹ shows that women face nearly $850,000 in additional expenses just for simply being born female.
So what’s behind the high cost of being a woman?
- Longevity. It’s no secret… women are living longer!
- Career breaks due to raising children and taking care of elderly parents among others
- Higher insurance costs – According to the National Women’s Law Center, women spend one billion dollars more each year on healthcare costs than men do during the same year.
- Income inequality – The wage gap is not a myth. Women earn an average of just 77 cents for every dollar earned by men.²
- Long-Term Care – A woman typically spends about three more years in long-term care compared to men.
Think that’s all? Other factors such as death and divorce causes 90% of women to lose a second household income, making it harder for them to save.
What can we do?
- Negotiate for better wages
- Increase your savings goals
- Keep debt low. Use your credit card less often.
- Focus on career growth