By Carol Cho, CLU ChFC®
I serve on the board of Moneyweave® Academy, a 501(c)(3) nonprofit corporation focused on enhancing financial literacy and, thus, the economic security of women and girls in the United States. Our mission is to provide trustworthy, comprehensive, and competent financial planning education for women that inspires sound decision-making, purposeful action, and philanthropy.
Here’s the reality: The financial gains by American women are nothing short of remarkable – especially considering that, just over a century ago, females could not own property in all U.S. states. Some estimate that most privately held assets in the United States will be in the hands of women in the next 10 to 20 years. McKinsey predicts that, by 2030, American women will control much of the $30 trillion of baby boomers’ financial assets. That number approaches the annual GDP of the United States.
There are persistent financial challenges for women: The facts show that women are far more vulnerable to financial challenges than men, including professional, educated women.
- Women live longer than men, potentially outliving their retirement savings
- They underearn compared to their male peers
- Women are more likely to provide caregiving to family members
- Study after study shows that women lack financial confidence
- Women have competing financial priorities
- Women are more likely to suffer from time poverty
- Because they tend to outlive their partners, women are more likely to have a single income
- They have a higher likelihood of becoming disabled
This tension between the increasing affluence of professional women and their continued financial fragility inspired the idea for Moneyweave® Academy.
Learn about us and join the effort: www.moneyweave.org
Help us do more. Our Count Me In fundraiser goes through the end of December. Please join us in our movement to change the lives of American women. Donate here: https://lnkd.in/e9qneBrn