It’s amazing to me how far women have come in education, in the labor force, and in the financial realm.

Key Statistics:

– A higher proportion of women in aggregate have bachelor’s degrees than men (U.S. Census Bureau). Women account for more than 50% of both undergraduate and graduate program enrollments.

– Globally, female workforce participation continues to grow and in the U.S. the unemployment rate for women is the lowest since September 1953 (U.S. DOL)

– Women now own 30% of all businesses in the U.S, accounting for some 9.4 million firms.

– By 2020, 67% of personal wealth is expected to be controlled by women in the U.S.

I believe there is no better time to be a woman than right now. We are shaking up the status quo with improved pay, equal opportunity and women on boards. While it’s necessary to celebrate the progress made, it’s equally important to seriously examine the various constraints that women face in building wealth.

The 3 L’s:

– Less Income: Research shows that women earn 82% of what men earn and are more likely to take time out of work to care for family.

– Longevity: According to data from World Health Organization, women outlive men on average by five years.

– Lack of financial literacy.

The lack of financial literacy among women stems more often than not from stereotypes and mindsets. Stereotypes such as expectations that men should be the breadwinner and take responsibility for finances are linked to limited financial knowledge among women. Other stereotypes include “women are afraid of math” and “women are not really interested in finance”.

Women are just as financially literate as men. A recent report by GFLEC (Global Financial Literacy Excellence Center) shows that in the U.S. only 5% separates the sexes when it comes to passing financial literacy assessments (52% women and men 57%). Women’s brains are wired differently, and when it comes to finances women tend to look beyond the numbers with more of a perspective towards relationships and family. Therefore, understanding ourselves, our capacity and our limitations is a good start.

Next, we need to start talking about money in a more engaged manner. Sixty-one percent of women would rather talk about their own death than money. Well, women, if we outlive men by five years, we better start asking ourselves, what if I become a widow? Wouldn’t I be more vulnerable both emotionally and financially? We need to bring the story of longer lives, and the importance of financial education to the forefront.

Another prevailing fact is that women earn less than men and on average would spend 11 years to care for children, parents and relatives. So, less money for a longer life. It is therefore imperative that we not only talk more about money but also actively seek the help of an Investment/Financial coach who would guide us to go beyond the stereotypes, beyond the news of the day to attain in depth immersion into saving, financial planning and investing. By focusing on getting more perspective in the global markets with an eye towards growth so not to outlive our money, making sure that we have the right asset allocation that can provide us with steady cash flow at retirement.

Living longer may pose some unique challenges to women, but it also gives us more years to enjoy life. Even if it means enjoying life without a spouse, women need to learn with each other. Besides, the Beatles are not the only one who “get by with a little help from their friends. “ I believe Randy Newman had it right when he said “you’ve got troubles, and I’ve got them too”. We need to stick together and see it through.

Have a wonderful and safe Memorial Day!

Arlene Brown is an Investor Coach and fiduciary.