The state of financial gender gap is dependent on more than just wages; it encompasses the entirety of a woman’s financial well-being. Women earned a mere 82% of what men earned in 2021 (HerMoney, 2021), which has allowed women to fall behind within all sectors of their finances, including wealth and investments.
The system is systemic and appears seemingly hopeless. However, there are certain steps you can follow to take charge of our finances more efficiently. Following these three steps, you can help close the financial gender gap, make up for the losses incurred and have a clear conscious when managing your finances.
1. Set specific financial goals.
Review your finances closely and begin your financial planning sooner rather than later. It may be helpful to create a vision board of your future financial aspirations, which may include your ideal retirement plan, starting a business, buying a house, etc.
2. If you see a more advantageous opportunity, take it.
Don’t be afraid to seize opportunities that will advance your career and wallet. Try applying for positions that may seem out of your comfort zone. Even if you do not apply for higher-level positions, advocate for yourself in your current position. Keep open and consistent conversations with your employer, so you do not miss an opportunity to provide for yourself and your future.
3. Focus on long-term investments.
Women investors are are generally more apt to hold money in saving accounts for longer periods of time, and so therefore may see higher long-term growth than make investors. Putting money into investment accounts and letting that money sit long-term is considered more likely to lead to positive outcomes than moving money around accounts.
The financial gender gap is a difficult topic to discuss. However, the first step is getting the conversation started, and helping women overcome the financial issues they may face.
Investing involves risk, including loss of value, and no investing strategy can assure a profit or protect against loss in a down market. Past performance is not a reliable indicator of future results.
6206012RG_Jan26
Comments