Posted By Marvin H. Feldman
This post I find it might be helpful for most single mom and also working women.Photo courtesy of www.sheknows.com
Today’s modern families, which include single parents and same-sex couples, is putting more pressure on women to attain financial independence, according to the 2013 Women, Money & Power Study from Allianz Life.
The survey found that 67% of women in today’s modern family, including single, divorced or widowed moms and same-sex couples, say their family situation creates a heightened need to be financially aware and independent. And married women are now the minority group in terms of current relationship status: only 39% of respondents. I find this to be a surprisingly low number.
Pew Research also recently reported that women are the main breadwinners in 40% of American households, due to the fact that so many of them are single parents and because 15% of women now make more than their husbands in households where the median family income is $80,000. That compares with a national median income of only $23,000 for single-mom households. Many mothers have had to get a job since the recession in order to help with financial necessities.
Women still have unmet needs when it comes to achieving comfort and confidence with money. With nearly half of all women saying they sometimes fear becoming a “bag lady,” it’s clear that there is more work to do in educating women about financial matters and building their confidence in their own financial future.
Divorce and widowhood continue to trigger financial trauma for many American women, a trend that is growing. Nearly half (48%) of divorced respondents in 2013 said divorce threw them into financial crisis, up from 43% in 2006. A full 50% of widows in 2013 said widowhood caused them financial crisis. A simple solution, life insurance, could have prevented some of that trauma for those widowed.
The key point from this research is that women can’t rely on someone else for financial security, and they need to assume personal responsibility for their financial well-being. Be proactive and call your agent or financial adviser to start planning today.
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This simple guide written by our professional in Money Management and Tips to saving money guide. He is been involved in the financial industry since year 2003 and started to write regularly on his blog to give valuable information to the public in regards of personal finance topics since Dec 2006.
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Hi I am Yen Wei Nee
I have been in insurance industry for 17 years and would like to share here with you my experience and information that is now changing our lives.