- People tend to accumulate less money than men, leaving them with less economic freedom and security in pension. However, people are living longer.
- The latest report from the World Economic Forum’s Longevity Economy Principles shows how powerful economic organisms promote individual freedom in making decisions. Women’s economic education is key to this choice-making capability.
- Full systemic disparities, such as the female wealth gap, could be addressed with a plan push for access to financial education, as well as industry investment in services and financial opportunities specifically for women.
In 2100, I will be 100 – and probably still intact. I will have 38 post-career years to fund if I retire at age 62, the average time for women in the country where I live. That is only two years apart from the ages I’ll spend working full-time. That’s an overall more lifestyle.
Of course, I may never really retire at 62. In fact, the majority of us will likely continue working if required by government regulations and work support. However, perhaps if we retire at 72 or 82 or 92, people will also struggle to remain financially stable.
Globally, women earn 23% less than men on average, lose $399,600 in lifetime wealth accumulation, and disproportionately need to take time off work due to unpaid caregiving responsibilities. These numbers will only increase in nations like the US, where the working community that supports them is expected to shrink to almost a quarter of the population by 2050, while the 65+ time group is projected to account for nearly a quarter of that community.
Children’s financial education
It should be interesting to consider having an extra career. However, if we don’t have the resources and training to support our lives while working, we can’t properly organize our longer lives to make the extra time meaningful. The first step in the right direction is to increase women’s financial education, which will help them achieve the financial freedom they need to be eager to live a longer life.
The World Economic Forum’s recent Longevity Economy Principles report demonstrates how effective and inclusive financial ecosystems promote individual freedom to make decisions while providing supportive system guardrails. Children’s financial education is key to this decision-making ability.
Since April is Financial Literacy Month in the States, here are three points you need to know about women’s financial education:
1. The liberty to reorganize our 100-yr lives begins with financial literacy
Only 33% of the world’s population is considered to be financially educated, and women’s levels are disproportionately lower than men’s in almost every nation and age group. This education discrepancy, among other factors, is causing people worldwide to outlive their retirement benefits by up to 20 years, which impacts people the most.
Women accumulate less life wealth and live more in retirement. We have more career breaks as a result of paid caring, as well as fewer opportunities for career advancement. Additionally, women who have little financial literacy spend on average 16 hours a year dealing with these issues and are five times more likely than women to struggle to satisfy basic needs after retiring.
By 2054, the number of Americans over the age of 100 is expected to increase to 4 million, with the amount growing to 4 million by this time, for instance. There is no denying that we are extending our lives. To live a purposeful 100 ages, nevertheless, we need the flexibility to reorganize our lives. All of this will help us learn how to invest in our 100-year life starts with financial education and accessibility to financial tools and services. Education has always been a strong criterion for independence.
2. 77 reasons why the burden of creating change shouldn’t fall entirely on learners ‘ shoulders
Politicians and the financial services sector must give priority to women’s financial literacy in a world where they just have 77% of the legal rights of men and only earn 77 cents for every dollar they make.
Women aged 65 or older receive 26% less retirement income than men. More than half of women in the workforce—up to 90% in developing countries—can only find opportunities in the unstable informal economy, which doesn’t typically offer a pension plan.
Women are ensnared in economic uncertainty, which prevents them from gaining the full benefits of durability because these remarkable inequalities of prospect mixture over generations. Heavy, structural imbalances like these require a policy push for access to financial knowledge and services, as well as business expense in women’s financial options.
3. Children’s financial education benefits everyone
On a positive word, more women are employed than ever before, and more money is being seized from their hands. By 2030, women will control 66% of America’s wealth—double the projections made in 2020.
People can benefit from the power of this transfer of wealth by having better access to financial knowledge and services. However, these services must not perpetuate gender gaps by only providing generic financial products that don’t appeal to women.
Bridging gender wage gaps could increase GDP by 20% per person. Therefore, if policymakers and the financial services sector give women’s financial education a priority, the political benefits may be felt for the duration of every 100-year lifestyle.
Living to 100
I will be 100 in 2100. But, how much of my current access to economic education and solutions will determine whether I’m a happy 100-year-old.
If women’s financial literacy is prioritized by the public and private sectors, they may be able to live an overall more life. Only then will we be able to secure the financial stability necessary to sustain our era. What may your 100-year-lengthy existence look like?