HerMoney Podcast Episode 297: Single Women And Money

Our HerMoney family knows that we sometimes do episodes that are especially crafted for a specific set of our listeners. And of course we always try to make sure that every show has some great little nuggets and takeaways for everyone, but the truth is, we love getting granular. Episode 197 was all about living childfree. Episode 263 detailed the best investing practices for moms. Episode 157 focused on specific concerns that the LGBTQ community has around managing their money, and episode 231 detailed how Black women can get a seat at the table. The list goes on, and we would love it if you would take a dive through our archive and let us know what spoke to you most… But today, we are going to talk to all our single ladies out there — single ladies of all ages, at all income levels, in all areas of the country. Because you know what? You are so very overdue for your own episode! 

Today, the population of single women in the U.S., including widows, divorcees and women who never married is 60 million. And while we have buying power, influence, careers,  family, friends, and vibrant lives, in so many cases, single women are just ignored. And often, they get left behind, financially speaking. In 2020, single women earned an average annual salary of $35,000, compared to nearly $49,000 for single men. In other words, single men earn about one-third more than single women, which blows the average gender wage gap — which is already awful — right out of the water. On top of this, single women also have higher annual expenditures, because they are doing it ALL, and one of those is housing — single women’s housing costs eat up nearly 48% of their total annual income, after tax, and ideally no one should be spending more than 30%… We could go on. 

To get real with us about some solutions this week is Jill Gianola, author of the new book, “Single Women and Money.” Jill is a teacher and financial planner, and her new book shows unpartnered women how to manage their finances for the long- and short-term. It also shows how we can work towards a place where women can achieve all their goals — without feeling the need to marry to obtain the life they want. 

Listen in as Jill discusses how the financial situation of single women differs from that of dual-earning couples, and men in general. (And how this difference impacts single women long term). We also get honest about why society has generally overlooked the financial plight of single women, and the specific financial issues that separately affect widows, divorcees, and women who never married. 

Jean and Jill break down the key financial steps that single women need to take throughout their lives, and what women can do to prevent running out of money in old age. In Mailbag, we advise a listener who is looking to retire at 55 but wants to ensure she will have enough money to bridge the gap, and we hear from a listener looking for advice on where to put her family’s $9,000 holiday bonus. In Thrive, the 10 things we can do now to combat climate change and save money.