At Advanced Wealth, we specialize in women and money, in order to help women better fulfill their financial potential and secure their financial future. Now there are two new studies regarding women and money worth having a look at before your spend or invest another cent.

Women Spend More Money After a Break-Up

It’s no shocker that a break up is hard to do, and when they’re down, women tend to shop. After all, what better way to move on and find a new love than to rock a new dress or fab pair of pumps? It may be a temporary boost to your spirits, but it is a permanent dent in your savings. Researchers found that women who shop after a break up spend more money than on any other shopping trip, including Christmas, payday, bikini season, new fashion season, etc. The average splurge for the 2,000 women studied on a post break up spree was $72 (43 pounds).

Some other noteworthy findings:

• Nine out of ten women admit mood affects how much spend on shopping
• Over half of women will avoid shopping if in a particular mood
• Three out of ten women shop online first thing on payday
• They spend an average of $48 on these sessions
• Other reasons for mood-driven shopping are to calm down after a fight, after a bad day at work, and boredom

Read the entire story here.

Women Trail Men in Retirement Savings

While women are just as likely to put away money for retirement as men, they are still significantly behind in total savings. Total savings in IRAs in 2012 averaged $139,467 for men and only $81,700 for women, or about 58% of what men held. Some of the factors thought to contribute to this disparity include the wage gap and women investing in joint accounts with their husbands.

Worth noting: the estimated wage gap for women is thought to be at 23%, which does not make up for the disparity. Joint accounts can be solely in the name of the husband, but not always. What is truly troubling with these numbers is that women tend to live longer than men, and therefore need more savings.

Some other noteworthy findings:

• In overall IRA’s, 10.9% are held by women and 10.8% are held by men
• Women move money into them just as often as men
• The average contribution per year for women was $3,995; the average contribution per year for men was $4,023
• Women are more likely to have other financial obligations

Read the entire story here.

What Does it all Mean?

If you are a women, spending and investing wisely are the two key essential parts to building a portfolio and retiring. With women less likely to spend wiser and invest more, this trend can have dire consequences in the future.

And if you are a woman or anyone in the Houston area concerned about your future, investments, retirement, etc., give us a call or contact us.