Nearly half (42%) of the women in New York State are their families’ main breadwinners, according to data released by U.S. Sen. Kirsten Gillibrand’s office, based on the Joint Economic Committee “Mother’s Day Report” dated May 9, 2012.

Despite the vital role women play in our macro economy and in their families’ micro-economies, a persistent gender pay gap remains. Women in New York State make, on average, about 14.6 percent less than men, according to the report.

This gap lowers a woman’s earnings over her career and reduces her long-term assets and those of her family.

The typical woman loses nearly half a million dollars in pay over a 40-year career*.

With these wages lost, every penny needs to count. Women though are often faced with specific challenges and have distinct needs from men when it comes to financial planning strategies, especially when it comes to retirement.

Becoming aware of these differences can help women and their families take control of their hard-earned dollars. See Why Women Need To Save More Than Men.

How about you?
Are you a woman and your family’s main breadwinner? How are you managing your family’s finances? Do you have tips to share? We invite you to comment on The Source.

* The typical woman loses $431,000 in pay over a 40-year career. http://www.bpwfoundation.org/documents/uploads/EqualPayDayFactSheet2012.doc)

AXA Equitable Life Insurance Company (NY, NY) GE- 69019 (6/12)

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Last week The Source at AXA Equitable explored the concept of “financial literacy,” highlighting the research of two academic experts – Drs. Annamaria Lusardi and Olivia S. Mitchell.

Lusardi and Mitchell have identified three economic concepts that individuals should understand when making financial decisions:

• Compound Interest
• Inflation
• Risk Diversification

Based on these concepts, they developed three questions to measure financial literacy around the world. In support of National Retirement Planning Week 2012, we posted these three questions on The Source and invited readers to test their financial know how.

So far, the results indicate that Source readers are a financially savvy bunch with a good understanding of compound interest, inflation and risk diversification.

Click here to get the answers and results!

When it comes to financial knowledge, you can never have enough. For information and resources on a wide range of financial topics from managing family finances to saving for retirement, visit AXA Equitable’s online Learning Center.

Although we used the questions devised by Drs. Lusardi and Mitchell, the answers reported in our survey are not based on a random sample of participants and only represent the answers given by readers of the Source who opted to complete the survey.

AXA Equitable Life Insurance Company (NY, NY)

GE-68278 (4/12) (exp. 4/14)

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The term “financial literacy” is used often, but not always clearly defined. A recent editorial in InvestmentNews (“Setting a Standard for Financial Literacy,” March 4, 2012) drew attention to this fact, pointing out how several U.S. government organizations, including the Government Accountability Office, National Financial Educators Council and the President’s Advisory Council on Financial Literacy, all define the term “financial literacy” differently.

Having many definitions of “financial literacy,” the editorial argued, is “confusing and self-defeating for all those with an interest in making Americans become smarter about investing and managing money.”

It’s time for clarity. The Securities and Exchange Commission (SEC) has reportedly been mandated to study the existing level of “financial literacy” among retail investors and report its findings to Congress by July 21, 2012. (Source: SECURITIES AND EXCHANGE COMMISSION [Release No. 34–64306; File No. 4–626] Comment Request on Existing Private and Public Efforts To Educate)

Meanwhile, two academic experts on the topic – Drs. Annamaria Lusardi and Olivia S. Mitchell – are working on clarifying how to measure financial literacy. In their report, “Financial Literacy Around the World: An Overview,” (Journal of Pension Economics and Finance, June 2011) they identify three economic concepts that individuals should understand when making financial decisions:

• Compound Interest

• Inflation

• Risk Diversification

Based on these three concepts, Lusardi and Mitchell developed three questions to measure financial literacy. According to their report, “financially literate” individuals are more likely to plan for retirement.

In the support of National Retirement Planning Week 2012, AXA Equitable is highlighting Lusardi and Mitchel’s three questions, and we hope you will take a minute to anonymously answer these questions. We will post the results of the survey and the actual answers next week.

One week isn’t enough to plan for retirement, but it’s enough to start. We hope our suite of retirement planning apps, tools and online resources will help.

GE 68144 (4/12)(Exp 4/14)

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News Brief from AXA Equitable: Highlights from recent notable market news reports
March 16, 2012

Better-than-estimated economic and corporate reports spurred the S&P 500 to rise above 1,400 this week for the first time in almost four years. The index is on pace for the best quarter since 1998.

So, where’s the party you ask?

Not so fast….By week’s end, both stocks and the sentiment of some experts seemed tempered by inflation concerns, fueled by rising oil and consumer prices.

“The bugaboo in the background is oil prices,” Madelynn Matlock, of Huntington Assets Advisors, told Bloomberg. “Things are improving at a slow, but steady pace. If oil prices pop up, it will be a different story.” (Bloomberg: “Most U.S. Stocks Decline as Oil Rally Bolsters Concern,” by Rita Nazareth, March 16, 2012).

Popping oil prices triggered the cost of living to increase in February by the most it has in 10 months, foreshadowing this week’s reports of consumer confidence unexpectedly falling in March.

Robert Arnott, chairman of Research Affiliates, a Pimco subadviser, warned in an InvestmentNews interview this week that the real story on inflation will soon be told.

“We’ve been protected by a sputtering economy,” he said. “If the economy regains traction and we get slow to moderate growth, we’ll see higher inflation sooner than we’d like.” (InvestmentNews: “Real Story on Inflation will soon be Told,” by Dan Jamieson, March 15, 2012)

IMPORTANT — AXA Equitable, AXA Advisors, LLC (member SIPC) and their affiliates do not provide tax/legal advice, or investment or market research. The quotes provided in this News Brief have been excerpted from media reports for general informational purposes only and do not represent the opinions of AXA Equitable, AXA Advisors or their affiliates, associates or employees. AXA Equitable and its affiliates make no representation as to the accuracy or completeness of any statements, statistics, data, opinions, forecasts, or predictions provided herein, nor will this information necessarily be updated or supplemented at any time. Any reference to market or index performance is for informational purposes only. It is not possible to invest directly in an index. This material is not intended, and should not be relied upon, as investment or financial advice and does not constitute an offer or solicitation of any kind.

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