Equal Opportunity?
Today marks the 50th anniversary of the Equal Credit Opportunity Act, which prohibits financial institutions from discriminating based on sex, age and marital status, among other things. The act allowed women the right to apply for credit, open bank accounts and take out a mortgage without a male co-signer.
Despite the improved financial situation for women during the last half century, the accumulation and management of money still looks different for women than for men:
Women overall possess less retirement income than men do, but are projected to live longer.
Women are more likely to have gaps in income due to caregiving responsibilities.
Women overall make less money compared to men, and pay tends to drop around 35-45, while men’s peak earnings continue to climb.
On the positive side, women are more likely than men to inherit twice: once from their parents and again from their spouses.
Despite the improved financial situation for women during the last half century, the accumulation and management of money still looks different for women than for men:
Women overall possess less retirement income than men do, but are projected to live longer.
Women are more likely to have gaps in income due to caregiving responsibilities.
Women overall make less money compared to men, and pay tends to drop around 35-45, while men’s peak earnings continue to climb.
On the positive side, women are more likely than men to inherit twice: once from their parents and again from their spouses.
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