is estimated at between 36 and 50 percent. 1 – statistics indicate that the earlier in life one marries, the higher the probability of divorce. – women are more likely than men to be single parents. 2 women have lower average wages, lower lifetime earnings, and are less likely to be covered by a pension plan. – the bureau of labor statistics reports that median earnings for all women are $ 638 a week, compared to $ 798 for men – approximately 80 percent of what men earn on average. 3 – the department of labor reported in 2008 that less than half of working women participated in a pension or retirement plan. – women are more likely to work in part - time jobs that don ’ t offer retirement plans. – the typical woman spends 10 years out of the workforce for caregiving, while the typical man spends just 2 years out of the workforce ; nearly two - thirds of u. s. women ages 40 to 79 have already dealt with a major financial “ life crisis, ” such as job loss, divorce, the death of a spouse, or serious illness. 4 these statistics are sobering, and they underscore the importance of financial education for women. after all, women are central to our national prosperity as workers, taxpayers, voters, consumers, and financial managers. today, half the labor force is composed of women, u. s. census bureau, “ statistical abstract of the united states, 2010, ” table 126. u. s. census bureau, “ american community survey, 2008, ” tables b11001, b11002, b11005, and b11013. bureau of labor statistics, u. s. department of labor ( 2009 ), “ highlights of women ’ s earnings in 2008, ” table 8. aarp, “ understanding women ’ s financial needs and behavior, ” 2007 survey. compared to 38 percent in 1970. while the overall civilian unemployment rate is 9. 7 percent, the unemployment rate for women 20 years and older is 8. 0 percent. 5 and nearly one - third of married women workers now out - earn their husbands. financial myths concerning women and money now that i have shared the reasons i believe financial education is so important for women, let me talk about some common myths about women and money. myth 1 : women focus on nonfinancial household roles while men deal with the finances. this myth is based on the notion of a division of household responsibilities that assumes women have no role in important financial decisions.

elizabeth a duke : women and money – challenging the myths speech by ms elizabeth a duke, member of the board of governors of the federal reserve system, at the consumer credit counseling services of delaware valley financially hers program, philadelphia, pennsylvania, 1 may 2010. the original speech, which contains various links to the documents mentioned, can be found on the us federal reserve system ’ s website. * * * it is an honor and a pleasure to join you today to celebrate a milestone in your participation in the financially hers management and empowerment program. each of you has demonstrated your commitment to taking control of your finances by attending 10, 20, or 30 hours of coursework in personal finance. i know how difficult it is to find those hours in an already overloaded life. i started my career in banking as a part - time drive - through teller and, for many years, spent most nights studying banking and finance. so i commend your effort and hope you find, as i did, that the time you have invested yields a lifetime of personal and financial dividends. through financially hers, you have gained common - sense knowledge and the confidence to make financial decisions that will serve you and your families now and in the future. some of you are already entirely responsible for the financial decisions that impact you or your families. those of you who make financial decisions jointly will become a better partner in making those decisions, and some of you will become a resource for your family, friends, and neighbors on financial matters. i hope that for many of you, this is just the first step in a lifetime of learning. knowledge is power, and i submit that financial knowledge is security. i would like to thank patricia hasson, the president of the consumer credit counseling service of delaware valley, for inviting me to be here. the incredible energy she brings to efforts like this shows not only her commitment to helping others but also her passion for helping women access the tools they need to take control of their financial futures. i would also like to thank patty for her service on the consumer advisory council at the federal reserve board of governors. the council advises the fed about policies that impact consumers. and when patty speaks, she speaks for you. her knowledge of the issues facing consumers in today ’ s economy has been a valuable resource for us at the fed. now, i have long been an advocate for better financial education, but i must admit that i am especially pleased that this program is aimed specifically at women. as a professional