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Historically, women have been underserved by the financial industry. However, every woman must clearly understand both her and her family’s finances. Data shows that eight out of ten women will be responsible for managing their family’s finances at some point in their lives. On top of that, the average age of widowhood is 56.
Financial planning for women is essential to a healthy and fun retirement. On average, women have 50% less in their retirement accounts than men.1 This does not mean women are bad at saving; in fact, they are typically better at saving, more likely to have a 401(k), and even save up to 16% of their income. The gap in savings is essentially the income gap. Women typically earn less than men and cannot save at the same rate. Women also take more time away from work to raise children or care for elderly parents, reducing income and saving opportunities.