For a variety of reasons, some women have not had experience making financial and/or investment decisions. For men and women alike, financial knowledge and economic self-sufficiency are important life skills to develop.

Lack of financial savvy can put women (and men) at a substantial disadvantage. Statistics tell us that it is only a matter of time before most (85 to 90%) women will be on their own financially. Some will never marry, some will see their marriages end in divorce, and many will outlive their husbands.

Increasingly, financial institutions, such as banks, brokerage firms, and insurance companies are recognizing that women have unique financial needs for the following reasons:

* They live longer, on average, than men, so their money has to last longer.

* They earn less, on average, than men do.

* They may have gaps in their employment history, due to child rearing and/or care of elderly parents, that will affect future retirement benefits.

* Life events such as widowhood and divorce tend to have a more severe financial impact on women than men.

* Some women rely on a spouse for income and are at risk for becoming a “displaced homemaker” if the relationship ends (e.g., death and divorce).

* Some women lack financial experience because they were taught “the man is supposed to handle the money.”

* Sometimes women are more comfortable asking questions when part of a group of all women.

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