Women face their finances in a completely different way than men. 63% of women currently serve as the "Chief Financial Officer" of their households, meaning they are directly responsible for household spending, family purchases and their families' overal financial health. Women & Co., a financial resource program from Citi, put together five tips to help women better navigate their families' finances in this economic downturn.
Assess Your Financial Situation: Every woman's financial situation is as unique as she is. It's important to talk with someone who understands your personal situation -- your goals, time frame, and risk tolerance. First, make sure you have a financial support network in place -- including an attorney, accountant, and a financial advisor. If you don't, ask your family and friends for recommendations. Women & Co. found that 72% of women are using a financial advisor for information, guidance, or a second opinion. Remember -- there is no single answer that will work for everyone. Find a plan and support network that works for you.
Plan for 'Time-Out' Periods: Many women take time out from the workforce to care for children, aging parents, or spouses. Often, these time-outs result in reduced retirement savings and Social Security benefits. Meanwhile, with the average life expectancy for women being 80.4 years and that of men being 75.2 years∗, 90% of women find themselves outliving their spouse.
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