Although “The Savage Truth on Money,” a book by personal finance columnist Terry Savage, was published a decade ago, many of the facts and figures are still meaningful. Here, summarized, are 11 financial facts about women, from the book (with our comments in parentheses)...
1. Women live between five and six years longer than men. (The oldest person in the world, a woman in California, was 115. But the next oldest person, a man in Japan, is 114.)
2. A 65-year-old woman today has an average life expectancy of 19.2 years. (These days, it’s about 20 years, vs. 17.2 for a man.)
3. Women earn, on average, 76¢ for every dollar that men earn, resulting in lower Social Security and pension benefits.
4. Women spend more time out of the workforce, resulting in lower pension benefits.
5. Women outnumber men in part-time jobs, two to one. (But since the recession began, more men are seeking part-time work.)
6. Women who work part-time are less likely to work for firms with retirement plans. (Many firms hire only part-timers so they won’t have to pay benefits.)
7. Half of the women over 65 are divorced or widowed.
8. Women make up 75% of the elderly poor. (See above for reasons.)
9. Elderly unmarried women get 51% of their total income from Social Security.
10. 80% of women living in poverty were not poor before their husbands died. (In 2007, “poverty” meant an income of less than $10,590 for a person living alone, or under $13,540 for a couple.)
11. An average woman’s standard of living drops 45% in the year following a divorce, while a man’s rises 15%. (Draw your own conclusions.)