How Women Are Affected By A Life Crisis

When financial security is interrupted by a life crisis, women are generally impacted to a greater degree than men. A life crisis can take many forms ranging from long-term unemployment to a divorce, or the death of a spouse. Along with the emotional rollercoaster that a life crisis often produces, comes a financial minefield as well – particularly if the crisis is sudden.

While no one is completely immune to the financial effects of a life crisis, these unexpected events can be particularly difficult for women. On average, women live about seven years longer than men; therefore, they are likely to experience more crises than men, as well as having to live with the effects longer. In recent studies American Association of Retired Professionals found that, while various crises have different levels of impact, women seem to bear the brunt.

The following chart illustrates the gender comparison related to adverse effects of different crises.

Not only are women affected more severely, but they also tend to have less money saved for the future than men. Some 52% of women have less than $50,000 saved versus 28% of men with such low savings. With that in mind, Mandalay Financial consultants believe that it is particularly important, for professional women to have a plan of action in place to handle such events to mitigate the resulting impact on their finances. Mandalay provides consulting services designed to empower women to reach their financial goals.