Wake-up Call for Women:

This market is sending all investors a wake-up call, but if you are a woman nearing or already in retirement, single or married it may be down right frightening. We have all heard the assertions; women tend to outlive men; during their working life women generally earn less than men; women delay or interrupt their careers to focus on their family and many have not worked outside the home at all.

If these assertions are true, it follows that, for women, 401k account values are smaller, social security payments are reduced, and pension benefits will be less. Women have a tendency to be more risk-averse than men and as a result, tend to invest in more conservative, lower paying investments. Do you see the trend? We earn less, save less and take less risk. Why? Women, in general, are less knowledgeable about finances.

Married women tend to rely on their husbands to "pay attention" to the financial health of the family. Single, widowed or divorced women may be struggling just to make it through the month, much less worrying about future retirement needs. Have you seen the bumper sticker that reads "A MAN IS NOT A FINANCIAL PLAN"? All women must recognize that their financial health is just as important as their physical and mental health.

The turbulence in today’s economy is intimidating and sobering, but women must not ignore or delay their own financial education. What you don’t know can hurt you. For your financial security, no matter what your age, I urge you to learn the details of your investment portfolio or retirement accounts; start an account in your name if you don’t have one; ask questions when you don’t understand your financial advisor; get opinions and experiences from other women and most importantly, share your knowledge with the other women in your life.