3 Reasons Middle-Class Women Need Different Money Strategies Than Men

Core Insights - A TruStage survey indicates that middle-class women are facing greater financial challenges compared to men, with only 64% of women rating their financial situation as "good" versus 85% of men [1] - Women are less prepared for retirement, with 42% feeling unprepared compared to 22% of men [1] Gender Pay Gap - The gender pay gap significantly affects women's financial stability, limiting their earning potential and impacting their ability to save and invest [3] - An Urban Institute study highlights that mothers lose an average of $295,000 in lifetime earnings due to caregiving responsibilities, equating to 15% of their potential earnings [3] Financial Strategies for Women - Women are encouraged to engage with financial advisors, as 52% of women have not met with one compared to 37% of men, which can help in creating personalized financial strategies [5] - Independent financial fluency is recommended, with 43% of women preferring to manage their finances independently through workshops and online courses to enhance their budgeting and investing skills [5] - Staying curious and asking questions is essential in a rapidly changing economy, which can help build knowledge and confidence in financial matters [5]