Women spend extra $849,000 over lifetime just for being born female
London, July 17 (ANI): Women face more financial challenges than men in their lifetime as they have longer life expectancy, pay more costly health insurance, earn less and take more breaks from the workplace to care for children and elderly parents.
All the costs associated with each add up to scary financial penalties - an extra 849,000 dollars over a lifetime, purely for being born a woman.
AOL put these monetary disadvantages in black and white dollar terms, the Daily Mail reported.
According to research, a woman's life expectancy adds extra costs of 200,000 dollars in total.
Women live longer than men by an average of five years, and in today's dollars, an average person needs approximately 3,500 dollars per month to get by.
This totals an average of more than 200,00 dollars needed in extra retirement savings compared to a man, purely due to statistical longevity.
A woman's need to take more time out of the workforce to raise children, care for sick or elderly parents and tend to other family matters totals 80,000 dollars, resulting in lost income and depleted savings. or a hypothetical job, with a 40,000 dollars annual salary, just two years out of work means a woman is already 80,000 dollars in the red versus her male counterpart.
A gender bias also exists in health insurance, where women typically pay 30per cent more than men in premiums.
Another gap is the inequality in annual salaries. Women often get paid less for the same work and in some cases, women get paid 66 cents for every dollar their male counterparts make.
For some occupations, this figure is closer to 77 cents per dollar, but on average, there is a 23per cent wage penalty due to ones gender.
This adds up to approximately 10,000 dollars per year over a working life, again assuming a 40,000-dollar salary, which translates into 400,00 dollars over the course of a 40-year-career.
Pricier long-term care coverage is also an added 125,000 dollars women have to bare.
A woman has a 50per cent chance that at some point in her life, she will need long-term care - meaning a period of at least 90 days when she requires assistance with activities like dressing, eating and bathing. hose odds are greater than her male counterparts, and a woman typically spends three years longer needing long-term care as a man.
At a national average rate of 3,477 dollars per month for assisted-living long-term care, this equals roughly 125,000 dollars.
Women who are suddenly single, like divorcees and widows, obviously are at an immediate disadvantage.
And singles, in general, may have special needs, like disability insurance, because they don't have a spouse's paycheck to fall back on (though you can make the same case for single men).
Because of a divorce or death of a spouse or partner, 90per cent of women, who at one time had a second household income, will be left to handle the burden on their own later in life. (ANI)
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