Guest post by Vielka Burey-Jacas (@VielkaBurey)
Throughout my years of financial planning, I have encountered one group with a lot in common: Women. They are unique in their own right, including when it comes to their finances. Regardless of their background, they are as diverse as they come, with a gamma of career choices and lifestyles.
Women are experts in managing day to day expenses, as they are decision makers and caregivers in their household. When it comes to long term financial decisions, though, it’s a whole different story.
The recession has been a wake up call for many women, because of the lack of an organized path for their finances. Here are some of the reasons:
- Census statistics released on September 2010 show that women still earn 77% of what men earn in similar positions. By ethnicity, it’s even lower: Latinas earnings are 57.7%.
- Women often stop their careers to raise their families.
- Remember, most of us are the “sandwich” generation: taking care of our elderly parents and our children at the same time.
- Status: many women remain unmarried and 1 in 2 (50%) get divorced.
- Many retirement-age women are afraid of losing everything. 66% of them rely on social security as their principal form of income.
- An incredible statistic: women outlive men in their golden years sometimes, by a margin of 10 yrs.
There’s is a lot on women’s plates: college planning, retirement, life insurance, etc. Try to educate yourself not just by talking with family and friends but by learning tools and products that can help you reach your goals. Start by making a list of your assets and liabilities. Write down your finances and goals. Seek help.
I do welcome an interactive article, so please post your suggestions and financial topics you would like to know more about.
ABOUT THE AUTHOR: Vielka Burey Jacas is a Certified Financial Planner and a volunteer expert at LifeTuner. Vielka has a passion for helping family, students, homeowners, businesspersons, employees and other Latino community members expand their opportunities through improved financial literacy, and has extensive experience in the private banking and investment planning sector, having spent many years with both domestic and international banks. Follow Vielka on Twitter @VielkaBurey.