“If advisors want single women as clients—and I assume they do—they should be conversant in the critical financial difference between women and men,” she said. “Single Women and Money” gives guidance on where turn for help and illustrates some of the problems with real life examples.
“For single moms there is the added problem if they get sick: Who takes care of kids, or how do they replace lost income?” Price asked.
Similarly, women who get divorced or become widowed are suddenly faced with the loss of an income, probably the larger one. Price and Gianola urge single women to buy disability insurance if it is not provided at their employment. “For singles, it is a must. Consider what would happen if injuries or ill health kept you from working. More than one in four of today’s 20 year olds can expect to be out of work for at least a year due to a disabling condition.”
It is incumbent for advisors to understand these risks, they said.
“Advisors also need to understand most women are not looking to make big market plays; they are looking for a comfortable life and a comfortable retirement,” Price said.
Another issue addressed by the authors is a cautionary tale about designating someone to take care of her in their old age—something that is going to be important to more women than men.
“People think about writing a will, but the more important step is to have a medical and financial power of attorney,” Price said. .
The book includes concrete suggestions for the different scenarios a single woman can face, including the single mom. For instance, guidance is provided on how to get healthcare and childcare.
And for those women who find themselves out of work, one chapter addresses how to get a job when you are over 55 years of age.