Even more alarming, notes the article, 47% of the women surveyed
noted that they spend more on clothing, shoes, and entertainment than
they do on investments.
There are three factors, notes an additional study performed by the
Americans for Secure Retirement, that put women at risk for running out
of money in their later years: 1) women generally live longer than men,
2) they usually earn less, and 3) women receive less from Social
Security and/or any sort of employee-sponsored retirement plan.
Often, the latter is caused by the fact that women take more time off
to raise families than their male counterparts.
With all sources of income considered, continues the article, women
aged 65 and older had a median income of $11,845 in 2003 while men in
the same age bracket boasted a median figure of $20,363, according to
the United States Census Bureau.
Input from women who took the two surveys showed that even though these
women were taking the lead when it came to responsibility for
day-to-day finances, most believed they didn’t possess enough knowledge
to enter the investment market with confidence.
Additional studies show, however, that women actually make fewer
mistakes than men when it comes to investing, basically because they
are more likely to seek professional help from financial or investment
planners.
The article also suggests that women should take more time to learn
about the incentives available via the U.S. tax laws for investing in
certain retirement savings vehicles.
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