Financial wellness for women is often harder to achieve. Wage gaps, workplace norms, and career opportunities all affect how women prepare for the future.
Retirement Age
For starters, women tend to live longer than men. As much as five years longer.
This can make it difficult to plan for retirement, both by themselves and with a family.
Social Security and Medicaid benefits start around age 65 for both men and women. But if women need them for longer, they may not cover everything.
Having Children
In addition to the cost of having children, women also face challenges taking time off work.
Maternity leave can help cover the early months of parenthood. But it does little for the time taken off to raise a child long-term.
40% of women reported wanting to pause their career to spend more time with their family.
But when women go back to work, it becomes harder to find employment or similar wages.
Student Loans
Over half of college students are women. But they carry a heftier part of the total student loan debt. Women carry 65% of the nation’s student loan debt, which now totals more than $1.5 trillion.
Higher levels of debt means extra years of debt repayment.
The average loan repayment time is over 20 years even for an undergraduate degree.
These factors all make it difficult for women to achieve financial wellness. It also means their financial strategies likely look different than men.
Knowing the full picture can help employers offer targeted guidance and benefits to women.