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Study: Women save half as much as men – by Cynthia Fick, Founder and President of Financial Life Pla

October 19, 2015
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PHOENIX (KPHO/KTVK) – Statistics show women are less prepared to retire than their male counterparts.

A recent BMO Harris Bank study shows women, on average, only save about half as much as men do. And unmarried women are the least likely group to save for retirement.

“Within a day, I lost all my retirement,” said Deborah Tisdale. Twelve years ago, her company went bankrupt. She lost her savings, which she had invested in company stocks. Then, this February, she was dealt another blow.

“My position was eliminated after 28 years and I thought, ‘Oh my goodness, what am I going to do now?'” Tisdale said. “That was my life. My husband and I of 20 years had just been through a divorce.”

Before she started seeing a financial adviser, Tisdale admits she was lost.

“Not knowing how much money I had, how much I need to retire, how much I need to save,” Tisdale said.

“Women save less because they earn less,” said Marie Sullivan with Arizona Women Education and Employment. She said if this trend continues, the burden on Social Security is only going to increase.

“We either have to look to the public sector to subsidize that or people are going to fall into poverty,” Sullivan said.

“When you get on an airplane and they tell you what could happen if there’s an emergency, what do they tell you? First, you put on your own face mask, and then you can help everyone else around you,” said financial adviser and author, Cynthia Fick. “It’s the same with finances.”

She said it’s never too late to create a budget and figure out how much you can set aside.

“Now let’s start investing it, a little bit more aggressively in the beginning,” Fick said.

Tisdale said she now feels like she’s in control of her money.

“It takes the burden off your shoulders; it lets you be free,” Tisdale said.

Read the article and watch the KPHO TV excerpt here: