Tag Archive | Women Use Payday Loans

Women and Finances, the Gender Bias

When it comes to women and finances it seems that even today there is a gender bias. Why is this? It could be contributed to many reasons. Women are starting to take a more active role in their family’s finances; however there are still issues when it comes to handling money that almost seems to be in our genes.

Most everyone has known for decades now that women earn less than men do. While the gap in pay between men and women is decreasing, it is still causing other problems for women today. Because women make less money, they earn lower social security benefits later in life than men do. This does not seem to be fair, both men and women work, but the gender bias keeps women from making the same amount of money that men make.

When it comes to caregiver tasks such as taking care of children or elderly parents, women take most of the responsibility. This does take away time that could otherwise be devoted to work. This is another reason that women make less than men, they have to take more time off to be a caregiver. Men leave this to women, so they work and earn money and social security benefits, while women are off being a caregiver and not earning any money doing it.

There are certain careers that women choose more than men do. These tend to be the careers that have been more for women for decades. Such careers would be a caregiver or teacher. For decades these have been viewed as more of a woman’s job. Tradition and culture affect the things that we do, and it has been a tradition in most of our cultures that women do things such as teach and care for others.

Of course there are women who are going to break this trend and follow another career path. It does seem however that it will take some time before women and men are seen as equals in the financial world. Even if a woman gets a degree and does a job that is usually done by a man such as being an engineer, she will earn less than her male coworkers. While this does not seem fair, it is changing, slowly. It may be more than a decade or two before women earn the same amount that men earn. The main thing is that we are on our way to closing the gender gap on earnings and getting rid of gender bias in the workplace.

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    Top Financial Shortfalls of Women

    When it comes to finances most of us women do not know it all. We have shortfalls when it comes to certain areas of our personal finances. Here are some financial shortfalls that women have, knowing them can help you stop doing them.

    The first one is that women lack confidence when it comes to their personal finances. It is because of this lack of confidence that women tend to wait longer to invest their money than men do. This can cause us to not have the money that men do simply because we did not have the confidence in ourselves to start investing earlier in life.

    Another financial shortfall that most women have is negotiating. This goes along with lack of confidence. We do not have the confidence to negotiate our salaries. We are also ruled by our emotions more than men are and therefore when it comes to negotiating we tend to take a step back. Gain some confidence and negotiate the salary that you should have.

    There is still an earnings gap between men and women. This goes with negotiating. If we negotiate our salaries we can help to close that earnings gap. With every generation that is entering the work force the earnings gap does get smaller, but the problem is that it is still there. Women must work to close the earnings gap and get paid what they are worth.

    Spending is another financial shortfall that most women have. Women like to shop, everyone knows that. Women tend to spend more than men do. Again we are ruled by our emotions and that does affect how much money we spend. The more emotional we are the more that we tend to spend. Before you go shopping get your emotions in check so that you are not spending more money than you should be.

    Women usually live longer than men, most of us know this. This does mean that we need to plan for retirement differently than men do. We need to prepare for us to live longer than our significant other. Women are usually planning for retirement the same way men do and the truth is that women must plan differently when it comes to retirement.

    Many women have financial shortfalls that they must learn how to deal with. Knowing what your financial shortfalls are is the first step to changing them. If you cannot recognize what you are doing wrong how are you able to change it? You cannot, that is why you must pay attention to what you are doing. Do not let your emotions take charge of a situation that seems to just make the financial shortfalls of a woman get worse.

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      Women and the Financial Gender Gap

      It is no secret that there is a financial gender gap that has been around for decades. While in some areas that gap is closing, others are not seeing much of a change at all, and it seems that the change it is seeing is going in the wrong way. The financial gender gap will hopefully be gone someday, but until then women need to work at closing it for themselves.

      Financial Finesse has put out a survey that shows that women seem to be falling behind men when it comes to financial literacy. It shows that women need to take charge and become financially literate. Financial literacy is not the only place that women seem to be falling behind in.

      In most areas of financial planning in general women seem to be falling behind. The gaps are growing in the areas of paying off debt; having basic stock, bond, and mutual fund knowledge, and even in building emergency funds. It is not hopeless for women though, they can still become financially educated.

      There is one area where women are not falling behind men in. When it comes to planning for long term care women are keeping up with men. This is the one area that women seem to understand and are not falling behind.

      Women want to have peace of mind; they do not want to have to worry about what is going on with their money. If it is in a safe place then they feel better. One reason that the survey shows that women are behind is that they like to gather information from a large variety of sources before they make any decisions whereas a man will make that same decision much faster and with less research.

      When it comes to a financial planner women do not want someone who comes across as a bossy know it all. They want someone who is going to be an ally for them in the financial world and who will look out for their best interests. The financial planner must make it comfortable for the women to ask any questions that she has and they cannot be an overly harsh person. Men are less likely to go see a financial advisor and when they do, they do not mind those financial planners that some women seem to have problems with.

      Women you need to take responsibility for your own financial education. It does not matter if you get your information from an online source, a financial advisor, or even from a financial class. The important part is that you become educated in some way so that you can make better financial decisions.

      There is still a financial gender gap out there. It is up to women to work at closing that gap. We have the ability to make sure that we are in charge of our own finances. So ladies, get out there and get educated, make the financial gender gap disappear for good.

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        Women’s Financial Tips

        All women need a tip here and there. The area of finance is no exception. For all who could use a tip now and then here are some for you.

        Every woman should have set financial goals. If you do not then you should take some time to sit down and make some goals. Write them down and write down the ways that you plan to accomplish these goals. If you do have some financial goals that are already set you should take the time to sit down and review them. Make sure that you are still on track to reaching these goals.

        One thing that is very important for all women to do is to train themselves to be financially independent. If you do not have to rely on someone else for your finances then you will have an easier time if you suddenly are no longer with that other person. Being financially independent should be a priority for every woman.

        All women whether they are single or in a relationship should have their own retirement account. Not only should you have your own retirement fund, but you need to make sure that you contributing to it as well. This way you do not have to rely on someone else’s retirement fund. You never know what will happen in the future and you need to make sure that no matter what happens you are able to take care of yourself.

        Do not be too afraid of risk. Studies show that women tend to take fewer risks when it comes to investing than men do. When you are investing try taking just a little more risk. More risk can mean more reward. Do not go overboard, but taking a small risk here and there can be a good thing.

        Remember ladies, you do not have to do it all by yourself. You can seek out the assistance of a financial advisor. They are full of knowledge that can help you to make the best financial decisions for you. Financial advisors are good to have, whenever you have a question you know that you can get an answer.

        When it comes to salary negotiations women need to have more confidence. Women do not always feel comfortable when it comes to salary negotiations. Women need to find a way that will work for them to gain the confidence to negotiate their salary. Get paid what you are worth ladies.

        No woman knows everything. We all need some help from time to time. These are ways that you can help yourself financially. Always remember though ladies, it is okay to ask for help when you need it, you do not have to deal with your finances alone.

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          Women Are Getting Better With Money as They Age

          Women face multiple hurdles when it comes to money. For example women tend to live longer than men, but make less than men. It seems as though the saying “with age comes wisdom” is really true. Women seem to be getting better with money as they age.

          Joanne Hsu is an economist at the Federal Reserve Board. She completed a survey of those age fifty-one and over along with their spouses on financial literacy. This survey shows that men’s financial literacy seems to stay flat over the years, while women’s financial literacy increases.

          Hsu believes that there are incentives for women to increase their financial literacy as they get older. There are many different reasons such as getting married, having a child, or purchasing one’s first home. Whatever the reason is, women are using to push themselves to become more financially literate.

          One big reason that Hsu believes pushes women into becoming more financially literate is the possibility of becoming a widow. It is well known by now that women tend to live longer than men do. With that being said, if a woman may have to face becoming a widow, it becomes increasingly important for her to become more financially literate so that she can take care of herself financially once her husband has passed.

          There is a big correlation between high financial literacy levels and making better financial decisions. This should not surprise anyone. Hsu has been quoted as saying “Given these links, having sufficient financial literacy is becoming even more important since the responsibility for retirement planning has shifted to individuals.”

          What does this mean? This means that it is important to have high financial literacy levels in order to prepare better for retirement. Many people are finding that if they increase their financial knowledge they will make better decisions for their future, making it a more financially secure future.

          For any woman who needs help but does not know what to do, find a financial advisor. Do not just use the first one that you find. Make sure that you are working with someone who has your best needs in mind. This way you can get help making the best financial decisions you can. If you become a widow before gaining financial education, these financial advisors can really be helpful.

          Women are gaining financial knowledge as they go forward in life. This shows us that women are working to become more financially literate. Women are recognizing the various reasons why they need to become financially literate and are working toward gaining the knowledge that they need.

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            Long Term Care Insurance and Single Women

            Not all single women have thought about long term care insurance. If you are one of those you should start thinking about it, and fast. All women no matter if you are married or single should have this insurance. It is more important for single women than for married women, so if you are single and do not have long term care insurance you need to get on getting it.

            There is talk that long term care insurance gender based pricing is going to change this year. This is a good reason to get some long term care insurance now, the prices may be going up soon. Studies have shown us for a long time now that women tend to live longer than men. This makes it much more important for a woman to have long term care insurance than men.

            Most financial experts are urging those single women who do not yet have long term care insurance to get some soon. If you are unsure of what you need you can always talk with a financial advisor. They are full of knowledge about long term care insurance. They will be able to help you find a company to get your insurance from, and they can even help you to pick the plan that will be best for you.

            Ladies, if you think about it, you really cannot afford to not have long term care insurance. With advances in modern medicine everyone is living longer, especially women. This is a great reason to get some insurance to help take care of you for the long term.

            This is a serious must have for single women. If you do not purchase long term care insurance what do you plan to do later in life when you need it? You will not have someone else to help you pay for the care. No matter what it is a smart financial move to get this insurance. If you have any questions about it, get them answer before buying a policy, but you better do it fast.

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              Women Use Payday Loans More than Men

              Payday loans are used all over the country every day. A study shows that women seem to be more likely to use a payday loan more than a man is. The Pew Charitable Trust report is the study that put forth the statement that women use payday loans more than men.

              It is estimated that $7.2 billion dollars are lent as payday loans every year. New information suggests that women are out pacing men when it comes to getting a payday lender. The Pew Charitable Trust links the increase in women using payday lending to the hit women took financially due to the recession.

              Another report from the Colorado state government estimates that 52.4 percent of the people who obtain payday loans in their state are women. This is consistent with the report put out by the Pew Charitable Trust. It seems as though it does not matter where in the country you are more women are getting payday loans than men are.

              Why is this? There are so many different reasons that can be given it would be hard to give one answer for that question. Some say that it is because during the economic decline women were hit harder than men were, leaving more women in need of help. Some may say that there are more single mothers than there are single fathers and that could be one reason.

              Another potential reason could be that more women are having financial emergencies than men do. This is hard to say for sure as there are many different scenarios that could qualify for an emergency, and because most payday loans are not used for emergencies. This could be one part of the reason more women are using payday loans than men, but not the whole reason.

              Single mothers may have a part to play in this statistic as well. There are always unexpected expenses popping up with children. If you live in a one income household it may be difficult to take on these expenses when they get sprung on you, and let’s face it not all children are good about letting you know something right away. They could come to you one day and say that they need money in two days for a field trip, if it is just simply not in the budget, the mother does not have that kind of money left what should she do? A payday loan is one option. Single mothers may also be another part of the statistic but definitely not the whole reason for it.

              The Pew Charitable Trust report that has been released is showing that with the statistics that they have gathered that women are more likely to use payday loans than men are. This statistic is supported by reports coming out from others such as state governments. As with many other payday loan trends this may not change any time soon. The economy may play a part in it, but only time will tell what will happen.

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