• The Women in America report, collaboration between the White House Council on Women and Girls, the Office of Management and Budget, and the Department of Commerce, found that women are particularly vulnerable to financial insecurity.  Although working women account for a larger share of family earnings, pay disparities between men and women persist.  In fact, studies show that even after accounting for factors such as education or time spent away from the labor force, women still earn less than men.

 

• These disparities add up over time.  As a result, women often receive smaller social security payments decades later, and have less financial resources to build retirement savings in 40l(k) or IRA accounts.  At the same time, because women tend to live longer than men, they have to save more for retirement.  The average woman has less money and therefore needs more savings than her male counterpart.  Women also control the majority of household consumer spending.  This means that for today’s women and girls, financial literacy is essential.

 

• In recent surveys, two out of every three women say that they feel they have little knowledge of financial products and services.  These women are less able to plan for retirement, less able to save for their children’s educations, and are more likely to fall victim to deceptive, abusive, or predatory financial practices.

 

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Source:  April 29, 2011, Valerie Jarrett,

Chair of the White House Council on Women and Girls