Women’s Financial Needs Differ from Men’s

Things aren’t always fairer for “the fairer sex,” to borrow an antiquated term.

Women face a number of unique issues in the world. That sometimes means they have more to worry about than men.

That’s especially true in the context of financial planning, Forbes reminds us unequivocally.

Specifically, women uniquely face the following financial concerns:

  • Women live longer than men, on average.
  • Even in 2015, women statistically earn less than men (meaning there’s less left over for retirement).
  • On a separate but related note — and just as importantly — women receive fewer 401(k) and retirement benefits than men.
  • Women’s insurance needs are different than men’s. While the gender gap in healthcare plans is shrinking under the Affordable Care Act, women continue to have greater need for long-term care insurance. As Forbes points out, women make up the majority of U.S. nursing home residents.

More controversially, perhaps, Forbes also posits that women grapple with more pronounced uncertainty, insecurity, and anxiety when it comes to financial planning.

Even for younger women, these are pressing concerns. Remember: it’s never too early to begin an estate plan. If you’d like to talk about your plans for the future, a Phoenix estate planning attorney at Kamper, Estrada & Simmons, LLP can help. Call us today.

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