Women are at risk of falling behind when it comes to personal finance and investing.
And the stakes are high. Women’s median weekly earnings were 82 percent of men’s in 2016, according to the U.S. Bureau of Labor Statistics, which looked at full-time wage and salary employees.
In addition to the income gap women face, they are more likely to take time out from their careers to provide care for their parents, children or spouses, according to a recent report from UBS Wealth Management. Women are also almost twice as likely to work part-time compared to men, UBS found.
In addition, women tend to live longer than men. In the U.S., women are expected to live 6.7 years longer than men.
“Even a few years difference can have an impact on women’s wealth,” the UBS report noted.
The disparity can make a big difference when it comes to retirement. A 2016 report from the National Institute on Retirement Security found that women are 80 percent more likely than men to be poverty-stricken in retirement.
Together, these factors mean that women need to approach financial planning and investing differently.
“There are many things that go on in women’s lives that put them at a significant disadvantage to men in terms of their overall wealth,” said Jane Schwartzberg, head of strategic client segments at UBS.
There are several things women can do to improve their financial prospects, according to the report.