Mary Alice Reporting –
Long-term financial health is crucial for women and so is closing the gender wealth gap.
Strategy & Corporate Development, American Century Investments is offering action items women can take in order to make financial gains.
Vice President Sibil Sebastian explains the dollar gap between men and women is more impacting now than ever.
“So, for example, white women earn 81 cents for every dollar white men earn but they only own about 32 cents for every dollar of wealth owned by their male counterpart. This is even lower for women of color.”
She adds that women typically are under the strain of caregiving for children and aging relatives.
“And because caregiving impacts women financially it also contributes to the gender investing gap. Another barrier to closing the investment gap is that women identify themselves as less financially literate and less confident about investing. Women tend to be more savings focused and men tend to be more investing focused and this contributes to the gap as well.”
Sebastian notes that financial health is just as important as physical and mental health and one tip to get started is to take time to look at any bank accounts and become familiar with savings versus debt numbers. She says this is good for an individual but also for couples who have joint accounts.
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