Women

Women may face distinctive financial challenges in different phases of their lives. Although the pay gap has decreased in recent years, according to the U.S. Bureau of Labor Statistics, in 2008 women still earned only 80 cents for every dollar earned by men doing comparable work. This is despite the fact that women have a larger share of high school diplomas, as well as associate, bachelor’s and master’s degrees than men (U.S. Census Bureau). On average, women live longer than men and are more likely to experience poverty as senior citizens (U.S. Census Bureau).

Men and women confront many common challenges in managing money wisely, but there are areas where gender can make a difference. In this section of Your Money New York, we have collected resources with special applicability to women.

Financial Education

The Wi$eUp Financial Education Program is an initiative aimed at educating women in money matters, developed by Texas A&M University under contract with the Women’s Bureau of the U.S. Department of Labor. The website includes online courses in convenient sections including Money for Life, Money Math, Money Basics, Credit in a Money World, Savings Basics, Insurance and Risk Management, Becoming an Investor and Achieving Financial Security.

For additional financial education resources, please visit the New York State Banking Department website.

Women and Work

The Women’s Bureau of the U.S. Department of Labor is a federal agency devoted to wage-earning women. Created by Congress in 1920, it seeks to improve women’s working conditions, increase their efficiency and advance opportunities for profitable employment. The Bureau’s website contains many publications about jobs and work issues, links to federal, regional and state resources, and information on initiatives to promote training for nontraditional occupations, to make economic security a reality for women workers, and to advance flexible work options.

Female Business Owners

The U.S. Small Business Administration has an Office of Women’s Business Ownership which oversees a network of Women’s Business Centers throughout the country, providing comprehensive training and counseling in many languages to help aspiring women entrepreneurs start and grow their own businesses. The Office’s website includes information on contracting, grant opportunities, online training for topics such as starting a business and surviving in a slow economy, and links to other resources for women.

The New York State Division of Minority and Women Business Development is a State agency dedicated to promoting equality of opportunity for minority- and women-owned business enterprises (MWBEs). New York State has the largest directory of certified MWBEs in the country. According to the Division, as of December 2007, there were 6,899 certifications of New York State minority and women-owned businesses, including 2,578 minority-owned business enterprises, 3,627 women-owned business enterprises, and 694 businesses with dual certification. The Division’s website offers information on certification, contracting, technical assistance and financial resources.

The website for the New York City Department of Small Business Services includes a section explaining how minority- and women-owned businesses (MWBEs) can get certified and bid for City contracts, with opportunities for free certification prep courses and follow-up counseling.

For more information and resources regarding small business opportunities in New York, visit the Empire State Development website.

Women and Children

The New York State Office of Temporary & Disability Assistance (OTDA) operates a wide range of programs to assist families in need, including food stamps, housing and shelter services, and temporary assistance. In addition, the Women, Infants and Children (WIC) Nutrition Program provides supplemental food, nutrition education and counseling, enhanced breastfeeding support and linkages with health and social services for eligible low-income women and children at no cost.

The New York State Office of Children & Family Services (OCFS) provides a search tool to help you find out about licensed day care facilities in your area.

The U.S. Department of Labor's Bureau of Labor Statistics offers a webpage that provides detailed information about child care work, a fast-growing and predominantly female (97.6 percent) occupation, with links to additional resources and information on training, other qualifications and advancement, as well as employment statistics and job outlook.

Women's Health

The Office on Women's Health (OWH) in the U.S. Department of Health and Human Services works with government agencies, non-profit organizations, consumer groups, and associations of health care professionals to address women and girls health issues. The Office was established in 1991 to advance and coordinate a comprehensive women's health agenda throughout the U.S. Department of Health and Human Services. The Office coordinates a website called womenshealth.gov with extensive information on women's health issues. There is a companion website called girlshealth.gov that is targeted towards young women.

Domestic Violence and Money

Although domestic violence can affect people of every age, ethnicity, social position and sex, the U.S. Bureau of Justice Statistics has estimated that 85 percent of the victims of domestic violence are women. According to the New York State Division of Criminal Justice Services report, Domestic Violence Homicide in NYS, 2007, 55 percent of all women murdered in New York State had a domestic relationship with the offender, and women were victims in 81 percent of all intimate partner homicides.

The National Coalition Against Domestic Violence emphasizes that unequal economic power can keep people trapped in abusive relationships, while achieving financial independence can enable victims to regain control of their lives.

The following resources offer valuable information and practical assistance:

• The New York State Office for the Prevention of Domestic Violence. The New York State Domestic Violence Hotline is 1-800-942-6906 (in English) or : 1-800-942-6908 (in Spanish). In New York City, you may call 1-800-621-HOPE (4673) or dial 311 TTY: 1-866-604-5350.
• New York State Office of Children & Family Services offers a list of approved domestic violence service providers, along with their phone numbers, located across New York State.
• U.S. Department of Justice – Office on Violence Against Women. The National Domestic Violence Hotline is 1-800-799-SAFE (7233) or 1-800-787-3224 (TTY) available 24 hours a day/7 days a week.

The New York State Crime Victims Board (CVB) is an important financial resource for victims of domestic violence, as well as other crimes. The Help for Crime Victims webpage includes a guide to compensation, frequently asked questions and instructions for filing a claim. A core mission of CVB is to provide compensation to innocent victims of crime for their losses associated with the crime.

The IRS publishes a brochure containing tax information for survivors of domestic abuse. In addition, free help preparing your tax return may be available from the Volunteer Income Tax Assistance Program. For more information, call 1-800-TAX-1040.

Higher Education

The New York State Higher Education Services Corporation (HESC) offers a quick reference guide to grants, scholarships and awards. The University of California at Los Angeles has created a Scholarship Resource Center which has information and links to many scholarships that are available nationally.

The New York State Education Department has also collected information on scholarships. The Department also sponsors a Smart Scholars program to encourage high school students to begin earning college credit.

Generally speaking, there are a wide range of scholarships and grants designated for female students, as well as for members of particular ethnic or national groups and for people with specific future career interests, such as science, health care or teaching. Researching such opportunities can pay off.

Women and Retirement

The U.S. Social Security Administration has a webpage with information on retirement savings and many other topics for women of different ages. The Women’s Bureau of the U.S. Department of Labor has published fact sheets related to women that cover topics such as older women workers. It also has a section that outlines initiatives such as Preparing Women for the 21st Century Workplace.

 

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