Gamma Rho Financial Wellness

Financial Wellness

Part of the mission of Alpha Sigma Tau is to “invest in women by instilling skills necessary to navigate life,” and one of those key life skills is financial management. When it comes to finances, women face unique challenges. Here are a few ways women are impacted differently and why Alpha Sigma Tau prioritizes financial wellness education:

  • Women hold nearly two-thirds of the outstanding student debt in the United States—almost $929 billion as of early-2019. *
  • Less than half of 20-somethings are saving for retirement and consequently miss out on the benefits of compound interest. *
  • Thirty-six percent of college students report having more than $1,000 in credit card debt. *
  • Women represent the second-largest homebuying group, behind married couples. *
  • Women who have children have five-to-ten percent lower wages, per child, than women without children. *
  • Sixty-six percent of caregivers are women.  Women who care for family members are 2.5 times more likely to live in poverty as compared to non-caregivers, and the monetary cost to women due to lost wages and Social Security benefits is $324,044. *
  • On average, women earn $0.79 for every dollar men earn for the same work. *
  • Eighty percent of women married to a male spouse outlive their husbands, and the average woman will outlive her spouse by 14 years. *
  • Divorce and widowhood hit women harder financially than men. Women’s household income fell by 41 percent after divorce compared to 23 percent for men. *
  • The median retirement income of women is 58 percent of the median retirement of men, yet women need $45,000 more in retirement than men do, just to cover general expenses. *

Alpha Sigma Tau is proud to offer educational programs to help individual members financial wellness journeys, as well as collegiate chapter-based financial management resources, such as Billhighway financial management system and Parson Bishop collection service.