According to a new study, not only do women save far less than men, they spend nearly $850,000 more for being born female.
This rather high price tag is attributed to women paying higher insurance premiums, the financial cost of, and income lost for, taking time off work to raise children, not to mention women also get paid less for the same work. And because women live on average 5 years longer than men, more retirement savings are needed to see them through their twilight years. Add to that the cost of long-term care.
The solution? Ask for more pay, save more, go easy on the credit card, don’t dip into your long-term savings and invest in your education and career growth.