BROOKINGS, S.D. - Regardless of marital status, women continue to face more specific financial needs than men. However, when it comes to preparing for their financial future, many still shy away from those conversations, says Lorna Saboe-Wounded Head, SDSU Extension Family Resource Management Field Specialist.
In a 2016 study conducted by America Saves, women were less likely to be make progress in saving money compared to men. Fidelity Investments found that women wanted to learn more about financial planning, investing and getting more involved in their finances, but only 47% of the respondents in the 2015 study said they were confident discussing money. Sixty percent reported worrying about having enough money during retirement.
“Women, on average, live longer than men, earn less than men and have gaps in their employment history.”
The COVID-19 pandemic has only intensified financial disparities for women, says Saboe-Wounded Head. Of the 700,000 jobs lost since March, 60% have been lost by women according to an article in Kiplinger.
“Women who take on more of the child care responsibilities may also be facing a reduction in income,” says Saboe-Wounded Head. “Now, more than ever, women need to become financially empowered by learning strategies to manage their finances.”
To address the issue, SDSU Extension is hosting Money Talk for Women, a six-week program that will empower women to become more confident in making financial decisions to improve long-term financial security. Throughout the sessions, Saboe-Wounded Head will lead participants through discussions on financial basics, insurance, investing, retirement and planning for future life events.
“By the end of the program, participants will develop a spending plan that reflects their values and financial goals, examine current insurance policies to determine long-term risk management needs, develop long-term investment goals, assess retirement investment needs and investigate estate-planning options for long-term financial security,” says Saboe-Wounded Head.
The program begins Jan. 25 and will conclude March 5. A hybrid format will be used, with participants independently completing assignments online and meeting once a week virtually with the group and facilitator. Online live sessions are scheduled for Tuesdays, February 2, 9, 16 and 23, and March 2 from 6:30 to 8 p.m. CST.
Participants will receive a copy of the book “Money Talk: A Financial Guide for Women.” The fee for the program is $50, however scholarships are available.
To register, please visit the SDSU Extension Event site. For questions or more information contact Lorna Saboe-Wounded Head by email.