That's a trend that needs to change. A startling figure came out of the December unemployment claims. According to the federal government, 100 percent of the job losses were from women. From February - December 2020, 5.4 million women lost jobs.
Beau Henderson advocates for women’s financial awareness.
"When a woman leaves work, they not only lose work, wages, potential wage increases, and retirement savings, it can add up to potentially up to four times the annual income. So, for example, if somebody was home for three years and had a $50,000 salary, they could lose up to $450,000 income and future income by retirement age."
That's a problem, because women live longer than their husbands and they are on their own on the back-end to handle this.
Why women should talk about money
The solution is to talk about money, ladies. Participate in managing the finances. See a financial planner early before you really make any money so you have a plan.
My daughter got a book for Christmas called "Napkin Finance." It’s fantastic! Every day she reads a section and we talk about it. It’s simple. It’s clear. She is 11 years-old and can tell you about credit scores and compounding interest. She easily talks about money.
And that will matter late in life. Beau Henderson told me that 70 percent of women after death or divorce from their spouse leave the couples’ advisor saying they didn’t feel heard. So, like finding a therapist or doctor, be selective. And financial advisors - be good listeners.
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