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Women Talk Money
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Contact: Dr Allison Acken Tel. 310 440 9588 allison@womentalkmoney.com
Five Frightful Facts about Women and Money
…And What To Do About Them
Los Angeles, CA (July 17, 2002)—In today’s world of highly visible, money-savvy women, the average woman earns 73 cents to the man’s dollar, has little or no pension benefits, will outlive her husband by 15 years, and has an unhealthy probability of being one of the elderly poor.
“Women’s many advances in employment and career choices in the past 25 years make it easy to lose sight of the negative aspects of their financial status,” says Dr. Allison Acken, a clinical psychologist and author of the new book, IT’S ONLY MONEY: A PRIMER FOR WOMEN. “And society’s admonition to not talk about money is so powerful that women, and men, don’t know basic facts about women and money.”
Frightful Facts about Women and Money:
1) Women earn less, live longer, and have less put away for retirement than men.
2) Women are still paid less than men for comparable work. A married woman’s family would average $4,000 more per year if she received comparable pay.
3) Despite stereotypes (and wishes), the majority of mothers of young children will be employed outside the home.
4) Women represent 80-98% of workers in lower-paid occupations.
5) What women don’t know about money will hurt them (and their families).
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“Old notions that women can’t, or shouldn’t have to, manage money still have an effect, even though they do not reflect today’s reality,” Acken notes. “Women who think they can’t handle money do their best to hide that fact, just like an adult who doesn’t know how to read.” Dr. Acken contends that many women need money-readiness skills, and that the money management books are not reaching them. “I know because I was one of those women. The best of the money management books was over my head. Six feet tall and with a Ph.D., I was convinced that I was too stupid to learn about money.”
What to do about it:
1) Women need to build their money-readiness skills.
2) Start talking to your best friend about money – the facts, the fears, the fantasies.
3) Identify one or more “stupid” questions and help each other find the answers.
4) Listen to women’s stories – not about how much, but how they began to save, balance a checkbook, reduce debt, invest, budget, buy property, negotiate, or earn more. Every woman started somewhere.
5) Parents and grandparents must understand economic factors that may affect their girls’ futures. If they are going to earn 30% less, is 50-50 really fair?
6) Husbands must resist the urge to protect their wives from the worries and pressures of handling the finances. Be financial partners, for better or for worse.
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For more information:
P.O. Box 49327
Los Angeles, CA 90049 US
Email: allison@womentalkmoney.com
© Copyright 2007 Allison Acken. All Rights Reserved.
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