Economy Woes Often Worse for Women Workers
– Soaring gas prices and wages that still don’t keep pace with what men earn aren’t the only worries the current troubled economy serve up to women workers. Women are at greater risk than men of experiencing a disability, and more than half the female workforce is unprepared for the financial impact of long-term disability, according Social Security Administration data.
The rate of disability among working women in the United States has grown almost twice as fast as among working males during the past decade (over 60 percent and 32 percent, respectively) according to Social Security Administration data. Half of women (51 percent) are unprepared to cover their living expenses for three months or more should an accident or injury leave them unable to work, according to the Council for Disability Awareness’ 2008 Worker Disability Planning and Preparedness Study.
The economy has imperiled resources that women could normally rely on if they lost their paycheck, including credit cards, home mortgages and savings. The collapsing housing market, personal credit card debts averaging $10,000 per household and the fact that savings rates are at an all-time low are posing serious challenges to the ability of women to cope with the financial impact of disability. To make matters worse, two-thirds of Americans are living paycheck to paycheck, according to “Parade Magazine,” making the threat of loss of income even more serious.
“With disability on the rise it’s clear that women need to prepare for an income-limiting disability,” says Bob Taylor, president of the Council for Disability Awareness, a non-profit organization focused on helping the American workforce become aware of the growing incidence of disability. “Economic conditions today make it even more important that women have an understanding of how they would cope in the event of a disability.”
By failing to financially prepare for a disability, working women risk serious financial consequences down the road, especially as accountability for personal financial security continues to shift away from social programs and employers and toward the individual worker.
“Women need to sit down and realistically think through what would happen if they were unable to work because an injury or illness physically prohibited them from doing so,” Taylor says.
Taylor suggests that women address this concern by creating a financial plan – and reviewing the benefits their employer offers. He also advises that you create a savings for emergency funds.
For more information about the survey or for tools and tips on how to financially prepare for disability, visit the Council’s Web site,
– Soaring gas prices and wages that still don’t keep pace with what men earn aren’t the only worries the current troubled economy serve up to women workers. Women are at greater risk than men of experiencing a disability, and more than half the female workforce is unprepared for the financial impact of long-term disability, according Social Security Administration data.
The rate of disability among working women in the United States has grown almost twice as fast as among working males during the past decade (over 60 percent and 32 percent, respectively) according to Social Security Administration data. Half of women (51 percent) are unprepared to cover their living expenses for three months or more should an accident or injury leave them unable to work, according to the Council for Disability Awareness’ 2008 Worker Disability Planning and Preparedness Study.
The economy has imperiled resources that women could normally rely on if they lost their paycheck, including credit cards, home mortgages and savings. The collapsing housing market, personal credit card debts averaging $10,000 per household and the fact that savings rates are at an all-time low are posing serious challenges to the ability of women to cope with the financial impact of disability. To make matters worse, two-thirds of Americans are living paycheck to paycheck, according to “Parade Magazine,” making the threat of loss of income even more serious.
“With disability on the rise it’s clear that women need to prepare for an income-limiting disability,” says Bob Taylor, president of the Council for Disability Awareness, a non-profit organization focused on helping the American workforce become aware of the growing incidence of disability. “Economic conditions today make it even more important that women have an understanding of how they would cope in the event of a disability.”
By failing to financially prepare for a disability, working women risk serious financial consequences down the road, especially as accountability for personal financial security continues to shift away from social programs and employers and toward the individual worker.
“Women need to sit down and realistically think through what would happen if they were unable to work because an injury or illness physically prohibited them from doing so,” Taylor says.
Taylor suggests that women address this concern by creating a financial plan – and reviewing the benefits their employer offers. He also advises that you create a savings for emergency funds.
For more information about the survey or for tools and tips on how to financially prepare for disability, visit the Council’s Web site,
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