(Huffington Post) Women Get Better With Money As They Age
Women face multiple challenges when it comes to money: In general, they live longer, earn less, and take more breaks from the workforce to care for children, which contributes to lower lifetime earnings and, as a result, lower retirement savings and benefits. They even pay higher interest rates on credit cards, and higher prices for dry cleaning and personal-care items, such as shampoo. Studies also find that women tend to perform worse on financial literacy tests than men do.
But a new study from Joanne Hsu, an economist at the Federal Reserve Board, found that women’s financial proficiency starts to turn around as they get older, just as they are most likely to be widowed and need to handle their finances solo.
Her study, which is based on a national financial literacy survey of people age 51 and older along with their spouses, found that men’s financial literacy tends to stay flat over their lifetimes or peak in the middle and decline at the end of their lives. Women, on the other hand, tend to improve their financial literacy levels as they (and their husbands) get older.