Studies even show that nine out of 10 women will be solely responsible for their finances at some point in their lives. Due to the change in society, financial firms realize that women might need some additional assistance in finances and investments. Women live longer than men. On average, a woman will outlive a man by almost seven years. This means that women need to design a plan that will compensate for a longer life span, and they might also need to be aware of their spouses' financial affairs since they will more than likely be placed in control of their husbands' matters.
Women spend fewer years in the work force.
Studies show that half of all women take time off to raise children. The average is about 11.5 years. Obviously, less years worked means less earnings and less savings opportunities. Women are less likely to have company-sponsored retirement plans. The result is that some women need to find an alternative to save for retirement.