International Women's Day is March 8 and this year's theme is #BreakTheBias, with the goal of creating a gender equal world. Charles Schwab Financial Literacy Survey.Ariel-Schwab Black Investor Survey (2020).Ariel-Schwab Black Investor Survey (2022).Special Guidelines for Loss of a Spouse.Managing Your Finances as You Change Jobs.The Importance of Monitoring and Rebalancing.To learn more about Women and Finances: What Utahns Need to Know read the snapshot. By so doing we will not only strengthen the impact of Utah women, but also our neighborhoods, communities, and the state as a whole. Hence, it is critical for all stakeholders, including individuals, families, churches, schools, nonprofits, and government agencies to do more to enable women’s lifelong financial literacy and empowerment. It is important to reduce taboos surrounding financial conversations, as women’s quality of life, overall health, and even their physical safety can be enhanced by their knowledge and ability to be financially independent. ConclusionĪs evidenced throughout this report, there are myriad financial issues and competencies women need to manage and master throughout their lifetimes, yet research shows that many women either dislike or fear talking about money. Many women keep the majority of their savings in cash (as much as 70%), which lacks the potential to grow as much as other types of investments (stocks) can, and this “gender investment gap” can leave women with a shortfall of funds to support their longer lives. ![]() Yet women have a longer life span than men do, hence their retirement savings need to last longer. As US women face a gender wage gap, are more likely to work part-time, and experience more career breaks, their lifelong earnings are much lower than men’s, leaving most women with a “gender wealth gap,” (lower overall net worth than men). Retirement and Senior YearsĪs women near retirement, their ability to remain financially viable throughout their remaining years becomes a critical issue. The discrepancy is attributed to various factors one recent study indicates that millennial women are much more likely than men to report not understanding financing options when applying to college (35% vs. In the US overall, while women are earning 57% of bachelor’s degrees awarded, they hold an outsized portion of the nation’s total outstanding student debt-almost two-thirds. Young Adult - AdulthoodĪs young adult women transition from college to their next life stage, there are a number of financial matters to manage, not the least of which is how to repay student debt they may have accrued. This course is a positive step in supporting financial literacy statewide. Utah has taken the lead in state-mandated financial curricula, as the first state to require a financial literacy course for all high school graduates, and the only state to receive an “A+” grade from a national organization committed to improving high school financial literacy (four other states received an “A”). ![]() While the family setting is perhaps the primary source of financial awareness, attitudes, and behaviors, schools are also becoming important venues for financial education.
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