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Welcome to “Skills To Pay The Bills” and segment. Please welcome our co-host, Mr Freeman Owen, Jr, President and CEO of Financial Sources, Inc.

Tia: I happen to have a report in front of me from the organization that, I think, focuses on saving and paying down the debt. And, I have to admit to you that I was really a bit disappointed when I saw this because, what it says is, that women are lagging far, far behind men in nest egg dollars. I didn’t realize that. So, I really got upset about that. What can you tell me about it?

Well, I’m a bit upset about it also, because I dare to differ with this report, because women DO save more money than men. It is documented in other reports and surveys that ladies save more money in 401K, IRAs, CDs and money market accounts. I was noticing the average 401K numbers on this report. Now that is a big disparity between men and women when it comes to their employer sponsored retirement account. Most of my practice, about 75%, are women who have income programs that we have designed so they will have a guaranteed income. And, the roll-overs from the various employer sponsored retirement accounts, such a as 401K, TSP (Thrift Saving Plans), 403B, all of these we rolled over into IRAs, and there is a high participation among women. When it comes to the money market, I do see on this report that there is about a $2K difference between men and women. But, the ladies have emergency funds (in money market accounts) that they pull from for various activates with their grandchildren and children. So, in my opinion, I don’t think men save as much as women because they men have their toys. A lot of times, men prioritize those toys. I’ve seen, since I’ve been in business over the last 35 years or so, that what men do is they have their toys such as cars, boats, etc and they prioritize their spending in that way. Women are a bit more conservative. And, something else I want to add too. Men are more concerned about getting the best or highest interest rate possible. In this economic environment, interest rates are very low. But, women are not as concerned with the rate of interest they are getting or the type of return they are receiving on their dollars, but they are more concerned about stabilizing or maintaining their principle.

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