Single women face more financial challenges
Tue Jan 13, 2009 | | Posted in Finances News
Many of the nation’s 31 million women who live on their own face serious financial conditions that could worsen in the years to come. The 26 percent of all households headed only by a woman earn, save, and have accumulated far less wealth than have other American households.
This analysis was reported by Consumer Federation of America (CFA) on December 2, 2008 from the most recent data collected by the Federal Reserve Board‘s authoritative Survey of Consumer Finances.
The study analyzed Federal Reserve Board data collected in 2004.
- The median income for
- All households was $43,130
- Households headed by women was $22,592
- That’s almost half.
- Net worth for
- All households was $93,001
- Households headed by women was $32,850
- That’s almost one-third.
- Unable to save
- Another finding was that women who lived on their own following divorce, separation or the death of a spouse, or those who never married, had more trouble saving for the future.
- About 33% said they didn’t save money, compared with 24% of all households that reported the same.
- Advice from the president of the Women Institute for a Secure Retirement for women who live on their own to
- Save during tough economic times
- Pay down debt
- Eliminate credit card spending
- Find bargains
- Improve credit scores to get the best rates on car insurance and other products.
- Read On My Own Two Feet: A Modern Girl’s Guide to Personal Finance
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Information contained herein is general in nature, and is provided for informational and educational purposes only. Past performance is no guarantee of future results. Talk to your financial adviser.
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2 Responses to “Single women face more financial challenges”
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