Have You Saved Enough?
While everyone — at least in this corner of the Internet — knows they are supposed to have money tucked away for expenses, emergencies, and retirement, many of us aren’t actually doing it.
That’s especially true among women. Even though we’re making more — and making more financial decisions in our households — than ever before, we neverless lag behind men when it comes to saving. In a new DailyWorth survey of more than 3,000 of our readers, the majority of you said you believed you should be saving 10 to 20 percent of your income, but only 23 percent of you are actually putting that much away.
That’s right in line with other studies. A full 59 percent of women age 45 to 60 don’t have an emergency fund that would cover their expenses for even six months, according to a survey by Credit Union National, and only 36 percent of women ages 44 to 53 have an emergency fund at all. And the numbers are just as dismal when it comes to retirement.
The shortage in savings is scary for many reasons. For one, there’s the fact that women live five years longer, on average, than men so actually need more money socked away to cover expenses. But the average woman’s life is also likely to include at least a few situations in which substantial savings may be needed, even critical. Here are seven potentially costly events you may encounter (read: seven reasons to start saving more now).