Financial Challenges that Affect Women

There are many financial difficulties that can specifically target women, and Stonegate Capital Advisors shares information on how women can overcome these.

Widowhood

Women are more likely to be widowed and be left with the financial burdens that come with loosing a spouse than their husband are. Additionally, they are more likely to be unprepared when they have to take over the family finances. 

One way that families can prepare for this kind of situation is to make sure that both spouses share financial responsibilities, and together have a plan for the event that one spouse passes. This can bring the whole family peace of mind and help wives from falling victim to this all too common ordeal.

How to be prepared?

Divorce

While both parties of a divorce typically see their finances change after the separation, and their income decreasing as they face new expenses, women, on average, see a greater cut in their income than men. Men will typically see a 10% decrease in their income, while women will see nearly 3 times that at an average 27% decrease. 

How to be prepared?

Stonegate Capital Advisors shares that the best way for women to prepare themselves for this possibility is to make sure that they are always taking the time to look out for themselves financially by planning for economic essentials such as retirement and savings regardless of their relationship status.

Hiring a Financial Expert

Women may be more likely to confront some financial challenges, but when they take the time to understand these difficulties, and employ the help of a

financial expert to help them plan ahead, they can avoid these common pitfalls and keep their assets safe.