CAPE TOWN – Research shows that women lack confidence when it comes to investing their money, and they are mostly risk-averse. About one-third of affluent women say the stock market is “too risky” for them, according to a Wells Fargo study conducted in 2013.
It’s a harsh truth that, instead of taking charge of their financial future, many women either leave money matters to the men in their lives or ignore the importance of planning altogether. Couple this with the fact that women face different life challenges and financial risks to men, and it becomes clear why women must take charge of planning their financial future.
More international studies show the following alarming facts:
- Nine out of 10 women will be solely responsible for their finances at some point in their lives;
- Less than 15% of women who are married or living with a partner feel responsible for planning for retirement;
- Only 40% of women participate in their employer’s pension plan;
- Over 75% of women become widowed, at an average age of 56, and one in four of these women are broke within two months of being widowed;
- A high percentage of elderly woman are poverty-stricken;
- Half of all women work in traditionally female, relatively low-paid jobs without a retirement plan; and
- Women retirees receive only half the average pension benefits that men receive.
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