In general, women are considered more rational in organising their money, but there is an uncertainty about saving money for women, especially when they think about it in the long run. Trends and facts show that women live longer than the men. Statistics of the nursing care facilities further endorse this fact. Therefore, it is obvious that women need to save more than men to look after themselves in late age.

 It has been estimated according to Charlie Gibson; a renowned anchor of the ‘World News Tonight’ that a woman needs $240,000 as compared to $170,000 of a man to support her self after retirement. Evidently, a woman needs nearly 50 percent more of the amount usually a man requires after his retirement.

Saving Challenges for Women

Women face seriously unique challenges in planning their after-retirement life. They are supposed to be doing twice the housework and thrice the childcare as compared to that of men. This refrain them from focussing on their finances for their retired life and hence becomes a unique challenge for them, which men never faces or at least, not to this degree. 

Further, another challenge for women is that they do not ask for pay raises as much as the men do. Kay Koplovitz (USA network founder) estimated that the ratio for pay raise is 50 to 1 among men and women respectively, which is incomparable! 

In addition to all that, women face nearly a 15 percent cut off salary when they drop out of the workforce for childcare or aging parents. This decrease in salary goes up to 50 percent or more if they stay out of the workforce for 3 or more years. 

Different Financial Approach for Women as compared to Men

Research proved that both sexes get confused while listening to financial messages. Men do not let confusion to get on their nerves, but women mostly get carried away. David Bach being one of the best selling financial authors discussed the dynamics of financial discussions that how dramatically they shift when a few men join a larger group of ladies discussing financial matters. 

The Essence of Women Money Matters Post-retirement

Conclusively, financial matters are very stressful for both the sexes. As country’s social and especially economic condition continue to shake, roll and rattle, that is the time when both men and women should try to learn new skills and make their selves adaptive to whatever situation they come across. 

All the above discussion summarizes the fact that it is critically important for women to master their finance. One line of advice ideal to quote here for women is, ‘Women need to save first, harder and faster’ (Krawcheck’s observation) and the bottom line again is a piece of advice related to personal finance for women to end this financial discussion as: 

‘Start Saving Now’