What Women Need to Know about Money

Posted: 4/7/2015

Research has found that women tend to face different financial challenges at different life stages. For example, according to the U.S. Department of Labor, more women than men take time away from their careers to care for children and family members. Women also earn about 20 percent less than men in most industries, and on average, women typically live longer than men.

Women today have never been in a better position to achieve financial security for themselves and their families. The financial planning process methodically develops a roadmap for achieving your financial security, including the following steps:

  1. Set goals (where you want to go).
  2. Gather information on your current financial situation (where you are now).
  3. Create a plan (how to get from where you are now to where you want to go).
  4. Implement the plan using appropriate financial products.
  5. Monitor the plan, making course corrections, as life-event changes require.

To help people understand these issues, Bank of Hawaii is making available a complimentary, no obligation 12-page Special Report entitled: Women & Money.

In this report, you will find specific information on:

  • Taking more control over your money to financially protect you and your family;
  • Learning how a wage gap in earnings influences planning;
  • Adjusting your finances for career breaks;
  • Becoming a more knowledgeable investor; and
  • Developing an asset protection plan to safeguard your wealth and savings that may be vulnerable to taxes, lawsuits, accidents and other financial risks that are part of everyday life.

This special report on Women & Money will give you an overview of these financial issues. In addition to a detailed “Six-Step Plan,” the report includes “Tips for Working with a Financial Professional,” as well as information on work-life balance, career advancement and planning for income during retirement.

To understand the details on how these issues may impact your own personal financial position, it is best to meet with a qualified advisor and discuss the specifics of your particular situation. Working with a financial professional can help you understand your options and implement strategies designed to provide you and your family with financially secure lives.

For a complimentary, no obligation copy of the 12-page special report on Women & Money, email Cori Weston at cori.weston@boh.com.

WOMEN & MONEY: SURPRISING STATISTICS

Women live an average of 4.8 years longer than men
Women represent 47% of the workforce, yet account for 52% of all workers employed in management, professional, and related occupations
Women now earn the majority of all bachelor’s, master’s, and doctoral degrees
Women are more likely to live alone for a longer period of time than men