Celebrating Women Who Tell Our Stories
The National Women's History Alliance (NWHA), which spearheaded the movement for March being declared National Women's History Month, has announced the women's history theme for 2023, "Celebrating Women Who Tell Our Stories."
Throughout 2023, the NWHA will encourage recognition of women, past and present, who have been active in all forms of media and storytelling including print, radio, TV, stage, screen, blogs, podcasts, and more. The timely theme honors women in every community who have devoted their lives and talents to producing art, pursuing truth, and reflecting the human condition decade after decade.
From the earliest storytellers through pioneering journalists, our experiences have been captured by a wide variety of artists and teachers. These include authors, songwriters, scholars, playwrights, performers, and grandmothers throughout time. Women have long been instrumental in passing on our heritage in word and in print to communicate the lessons of those who came before us. Women's stories, and the larger human story, expand our understanding and strengthen our connections with each other.
As in previous years, the Alliance, which is centered in Santa Rosa, California, will encourage local communities throughout the country to use the year's theme to guide their own celebrations. The NWHA will popularize national efforts through online celebrations, a special magazine, and thematic products that recognize and honor these brave, accomplished, and influential women who told – and continue to tell – our stories. Today and over the years ahead, their dedication and shared desire to give voice to the voiceless are critical to keeping us informed, entertained, and aware.
Visit https://nationalwomenshistoryalliance.org for more information.
REASONS FOR THE GENDER WEALTH GAP
It's no secret that there are unique financial challenges women face that their male counterparts may not. From the gender pay gap to biases to caregiving responsibilities to longer lifespans, there are a number of factors that contribute to the gender wealth gap. But there are steps we can take to tackle these realities head-on and work toward financial independence and confidence.
Pay Gap. One of the biggest challenges facing women is the gender pay gap. On average, women earn just 82 cents for every dollar earned by men. Over time, this can add up to a significant difference in earnings and retirement savings. To combat this, it's important to advocate for ourselves and negotiate for fair pay. It's also important to support policies and companies that promote gender equity in the workplace.
Caregiving. Another challenge facing women is caregiving responsibilities. Women are more likely to take time off from work or reduce their hours to care for children, elderly parents, or other family members. This can have a significant impact on earnings and retirement savings, as well as future career prospects. To address this, it's important to have open conversations with partners and family members about caregiving responsibilities and to seek out support and resources when needed. Employers can also play a role by offering family-friendly policies such as paid leave and flexible work arrangements.
Living Longer. Women also face longer lifespans, which means we need to save more for retirement to ensure our financial security in old age. It's important to start saving for retirement early and to take advantage of employer-sponsored retirement plans such as 401(k)s. Women should also consider working with a financial professional to develop a retirement plan that takes into account their unique financial circumstances and goals.
HOW TO CLOSE THE GENDER WEALTH GAP
The gender wealth gap is a complex issue, but there are steps we can take to address it. By advocating for fair pay, seeking out support for caregiving responsibilities, saving for retirement, and investing in assets that promote gender equity, we can pursue financial independence and confidence. With education and a commitment to closing the gender wealth gap, we can create a more equitable financial future for ourselves and future generations of women.
- Investing can be a very powerful tool for closing the gender wealth gap. By investing in the stock market and other assets, we can work towards building wealth and financial independence, which can help us overcome these challenges.
- Impact investing, which involves investing in companies and funds that have a social or environmental purpose, has become increasingly popular among women who want to make a positive difference in the world while also building wealth.
- Investing in women-owned businesses and supporting organizations that promote gender equity can also help make a difference.
- Finally, it's important to prioritize financial education and literacy. This includes understanding basic financial concepts such as budgeting, saving, and investing, as well as more advanced topics such as estate planning and tax strategies.
By taking control of our finances and educating ourselves, we can make informed decisions and build a confident financial future.
WOMEN TAKING THE LEAD IN FINANCIAL DECISIONS
In recent years thankfully – there has been a noticeable shift in the world of finance, with more women taking an active role in managing their personal finances. For example, according to Fidelity, one of the largest asset managers in the world, there has been a significant increase in the number of women opening retail accounts with the company. The trend is not only encouraging but also indicative of a more inclusive and diversified financial landscape.
Fidelity's research reveals that the number of retail accounts opened by women increased by 65% in the three years leading up to 2022. This growth outpaced the increase in accounts opened by men by 5 percentage points. The company also found that about 90% of women surveyed have made financial moves or plan to make them in the next six months. These findings suggest that women are taking control of their finances and becoming more proactive about managing their wealth.
The growth in the number of women opening retail accounts is a reflection of the wider trend of women becoming much more financially independent. Traditionally, men have taken the lead in managing household finances – especially with respect to retirement – but this is no longer the case, nor should it be. Today, women are taking control of their finances, and it is an empowering trend that is set to continue.
The reasons for the increase in female investors are many. Women are becoming more educated about finance and are increasingly seeking ways to grow their wealth. The growing
WOMEN TAKING THE LEAD IN FINANCIAL DECISIONS
In recent years thankfully – there has been a noticeable shift in the world of finance, with more women taking an active role in managing their personal finances. For example, according to Fidelity, one of the largest asset managers in the world, there has been a significant increase in the number of women opening retail accounts with the company. The trend is not only encouraging but also indicative of a more inclusive and diversified financial landscape.
Fidelity's research reveals that the number of retail accounts opened by women increased by 65% in the three years leading up to 2022. This growth outpaced the increase in accounts opened by men by 5 percentage points. The company also found that about 90% of women surveyed have made financial moves or plan to make them in the next six months. These findings suggest that women are taking control of their finances and becoming more proactive about managing their wealth.
The growth in the number of women opening retail accounts is a reflection of the wider trend of women becoming much more financially independent. Traditionally, men have taken the lead in managing household finances – especially with respect to retirement – but this is no longer the case, nor should it be. Today, women are taking control of their finances, and it is an empowering trend that is set to continue.
The reasons for the increase in female investors are many. Women are becoming more educated about finance and are increasingly seeking ways to grow their wealth. The growing awareness of the gender pay gap and the need to address it is also motivating women to become more financially inquisitive and take control of their finances. Further, the COVID-19 pandemic highlighted the importance of financial resilience, with many men and women realizing the need to have a solid financial plan in place.
BUILD WEALTH DURING INFLATIONARY TIMES
As a woman (or a man), you know firsthand the importance of financial independence and confidence. While the world may seem uncertain at times, one thing remains constant: the power of investing. Even in changing markets and times of inflation, investing can help us pursue our financial goals and work towards building wealth for the future.
Inflation can be a daunting concept, but it's important to remember that it's a natural part of the economy. Inflation occurs when the prices of goods and services increase over time, and it can be caused by a variety of factors such as an increase in demand or a decrease in supply. While inflation may make it more expensive to buy goods and services, it doesn't necessarily mean that our investments will lose value.
In fact, investing during times of inflation can be a smart strategy for those looking to build wealth. Historically, the stock market has been a great hedge against inflation. While individual stocks may be affected by inflation, the market as a whole tends to rise over time, which can help offset the impact of inflation on our investments.
Additionally, investing in assets such as real estate and commodities can also help mitigate the impact of inflation. Real estate investments can provide rental income and appreciate in value over time, while commodities such as gold and oil tend to rise in value during times of inflation.
Of course, investing always involves some degree of risk, and it's important to do our research and make informed decisions. Diversification is key to mitigating risk and optimizing returns. By investing in a variety of assets, we can spread our risk and take advantage of different market opportunities.
TEACHING YOUR KIDS ABOUT MONEY
A four- or five-year-old child may seem too young to grasp the concept of money management, but even at an early age, children waiting in a supermarket checkout line can see that money buys things. Therefore, it is important to begin as early as possible to help your child understand the value of money.
Here are some suggestions for introducing a young child to the world of finances:
- Include your child in financial transactions. If possible, have your child with you when you pay bills. Explain comparison shopping at the grocery store. Include the whole family in decisions about whether to purchase significant items.
- Give your child an allowance to manage independently. A weekly allowance for necessary expenditures and some discretionary funds can help provide a learning opportunity. However, an allowance should be given with the understanding that certain chores are part of being a member of the family.
- Create opportunities for your child to earn extra cash for special events or personal items. Explain the difference between whims, wants, and needs; give your child regular opportunities to save; and describe how to earn money.
- Demonstrate the importance of giving. Explain how money can also be used to help others.
Teaching your children the fundamentals of sound money management now may help them build a financially independent future.
YOUR FINANCIAL PROFESSIONAL
Don't let your fears about feeling judged and misunderstood or your incredibly busy calendar stop you from getting advice to help you develop the financial life of your dreams.
Seek out someone who understands where you're coming from. Find a financial professional you can relate to and feel comfortable with, who doesn't make you feel stupid for asking too many questions about your financial goals and concerns and who makes the time to listen to you.
Talk to your family, friends and colleagues. Get recommendations and then interview financial professionals until you find the right fit.
Your future-self will thank you.
Nothing containedherein shall constitute an offer to sell or solicitation of an offer to buy any security. Material in this publication is original or from published sources and is believed to be accurate. However, we do not guarantee the accuracy or timeliness of such information and assume no liability for any resulting damages. Readers are cautioned to consult their own tax and investment professionals with regard to their specific situations.
Important Disclosures
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing.
Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments.
There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
Investments in real estate may be subject to a higher degree of market risk because of concentration in a specific industry, sector or geographical sector. Other risks can include, but are not limited to, declines in the value of real estate, potential illiquidity, risks related to general and economic conditions, stage of development, and defaults by borrower.
The fast price swings in commodities will result in significant volatility in an investor’s holdings. Commodities include increased risks, such as political, economic, and currency instability, and may not be suitable for all investors.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by FMeX.
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