Achieving economic security is never an easy task, but women in particular
need to be conscious of their differing financial situations when developing
their short- and long-term plans. Financial education programs can be low-cost,
high-yield avenues for credit unions to help address this need.
Did you know?
87% of the poverty stricken in the US are elderly women (MsMoney)
26% of unmarried (divorced, widowed, or never married) elderly women depend
on Social Security for their only source of income (Social Security Administration)
As 51% of the population, women rely disproportionately on Social Security
for their retirement needs. Several factors contribute to this including women's
employment patterns, earning power, and life expectancies. While these conditions
impact women's finances throughout their lives, the biggest crunch comes at
retirement. Credit unions are in a strong position to help women prepare for
their economic future, and some credit unions are already taking action.
Ent Federal Credit Union will be holding their first event focusing on the
issue of women's financial planning later this month. The seminar, "Take
Control! Financial Power for Women", will discuss trusts, wills, estate
planning, and insurance among other topics. The goal is to help women take a
more proactive stance with regard to their finances.
The credit union managers believe that "opportunity follows preparation."
By providing women with the opportunity to access specific information central
to their financial success, Ent is helping their female members better prepare
for the unique challenges they may face in the future.
Fully understanding the differing and frequently dire situation many women
find themselves in as they approach retirement is important and may inspire
your credit union to act. Learn more about this important issue in the Callahan
research report Innovative Education: Why
Targeting Women is an Opportunity for Credit Unions.