Women and Finance — Now, Then, and in the Future
A Grandmother's Gift
I recently inherited a piece of artwork from my grandmother, and this past weekend, my wife and I hung the piece up in my office. I’m happy to have it in my place of business because I know my grandma would be so proud of what I’ve accomplished.
From My Grandmother's Time to Now
I’ve been thinking a lot about my grandma and how far women have come since she was in the workforce. When she was younger, she had limited career options. She grew up believing that women could only be nurses, teachers, and secretaries. I bet she never would have imaged that her granddaughter would become a business owner who helps women manage their finances.
For as far as we have come—we will soon, finally, have a female Vice President—many women still don’t feel confident with their finances. According to Fang Block from Barron’s (2020), US Bank conducted a survey which revealed that “women are less engaged with personal finance than men.” But a study by Fidelity (2015) showed that “92% of women want to learn more about financial planning.”
Women and Finance
Women are making more money than ever before, and now they need to feel confident in how to manage their wealth. That’s where I come in. I’m a certified coach and financial planner, and I love talking to people, especially women, about their finance and planning needs.
The Fidelity study (2015) also mentioned that “60% of women worry about not having enough money to last through retirement.” The truth is, women have different needs in retirement than men do. Jashan Arora of Financial Express (2020) states, “There are several gender specific variables that women investors must consider while planning their investments.” Women must think about pay disparity, life expectancy, and long-term care, to name a few.
In a recent article, Gunjan Kedia, vice chair of Wealth Management and Investment Services at U.S. Bank, said, “Women have come such a long way in a short amount of time. Women couldn’t even get credit cards on their own until 1974, and now, we control more than an estimated $20 trillion in assets in the United States.”
Dreams of a Better World
Like the old Virginia Slims advertisements from the 1960s, “You’ve come a long way, baby.” But we still have more to go. I would love to see a world where women feel confident about their money and are engaged with their finances and financial planning. I would love to see women seek out the advice of female advisors to build trust and kinship around money.
I want to be part of building a world that would make my grandmother proud—a world she never could have dreamed of. But it's one we can create, together.
Now, every day when I come into my office, I can see that painting and think of my grandmother—the lessons she taught me, the love she showed, and the pride she’d feel over what I’m doing for my career. I can remember how far we’ve come and how much of the road still lies ahead. And then I can turn on my computer, create financial plans for women, talk to women about their finances, and help to change the world.
Fidelity Investments. (2015). Money Fit Women’s Study (Report 714663.1.0). Fidelity Investments Institutional Services Company, Inc.Arora, Jasan. (2020, January 22). Women and Investing: How to get more engaged with finances. Financial Express.
https://www.financialexpress.com/money/women-and-investing-how-to-get-more-engaged-with-finances/1831334/Ingberg, Leslie. (2020, March 5). Survey Says Women Are Leaving Money and Influence On the Table. BusinessWire.