Our female advisors discuss best practices for gaining financial independence through the various phases of a woman’s life.
When it comes to finances, women have a spate of distinct variables to contend with beyond just the pay gap, such as women living longer and women tending to take more breaks from the workforce. The median gender pay gap for women is 82 cents to every white man’s dollar, and the divide is far greater along racial lines—Hispanic women earn 52 cents on that dollar, Indigenous women earn 58 cents, Black women earn 61 cents, white women earn 75 cents, and Asian American women earn 86 cents1. This means that a woman could potentially earn $1,000,000 less than a man over her entire career. But because women tend to live longer than men, the long horizon for living off retirement savings takes on even more importance.
Regardless of the variables that women experience, there are plenty of ways to focus on personal finance solutions to ensure you can have the financial confidence you need throughout your life. We spoke with successful wealth advisors to reveal how to create fiscal fabulousness throughout various life stages. Read on to uncover how to slay your money dragons from your 20s to your 70s and beyond.
While financial independence is a moving target throughout various cycles of a woman’s life, strong knowledge of tactics from Mercer Advisors wealth advisors can help create financial security at any age. Whether you’re a recent college graduate or nearing retirement, we hope our advice can help you slay your own money dragons.
1 Institute for Women’s Policy Research, “The Gender Pay Gap, 1985 to 2020—with Forecast for Achieving Pay Equity, by Race and Ethnicity,” 10/19/21.
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