According to an Allianz report, nearly half of all American women are afraid of losing their financial independence. The report included 2,200 women ages 25 to 75. Of those respondents, 60 percent were the primary breadwinners.
“Financially, women’s needs are different from those of men, and the financial industry isn’t meeting them,” says Lance Drucker, CEO and president of the New York City-based Drucker Wealth Management.
“Women typically live longer than men, so they need more retirement savings. Further compounding the problem is the fact that, in many cases, women are paid less for the same job as men. Finally, many have fewer earning years because they dropped out of the labor force for a time to have and raise their children.”
Drucker is the author of “How to Avoid Bag Lady Syndrome (BLS): A Strong Woman’s Guide to Financial Peace of Mind.” In his book, Drucker offers seven action steps that women can do to address their financial insecurity.
• Identify your pain as well as your goals. Answer the following questions: What keeps me up at night? What worries me most about my money & my future? What do I want to do with the rest of my life? When can I afford to retire? Can I afford to stay retired? Can I travel, change careers, or go back to school?