Women should take an active role in their finances
By Pamela Stewart, Attorney at Law on Oct 11, 2007 in General Bankruptcy Information
Nine out of 10 American women will be solely responsible for their finances at some point in their lives. Every woman should take an active role in managing her money to ensure financial security. This is especially important to prepare for the unexpected. Life changing events such as the death of a spouse, a divorce, losing a job, or an illness can bring about major financial changes for a woman and possibly a significant loss of income.
Women live longer than men;their health care needs are likely to be greater than men; most elderly women are unmarried; women start saving later in life than men and save less; and women are usually more conservative in their investment choices.
The majority of the bankruptcy cases I file is for women - usually middle age to elderly. Some are recently divorced, others are widows and their expenses exceed their income; and for others, it is putting their (grown) children’s wants ahead of their own needs.
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