Every March, we celebrate Women’s History Month, reflecting on the transformational accomplishments of women over the years. Women are gaining more representation in leadership roles, outpacing our male counterparts in earned degrees and starting businesses at twice the rate of men.
We have come a long way, but continue to face huge challenges. The gender pay gap, rising costs of child and elder care and weak support in terms of family leave policies are just to name a few.
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1. Prepare for Potential Time Out of the Work Environment.
Whether it’s taking time off to finish school, to bear and care for children or take care of a sick parent, many women often find themselves following a different path than their male counterparts. The pandemic brought that divergence front and center, with women between the ages of 25 and 44 almost three times as likely as men of the same age group to be out of the workforce due to childcare demands.
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2. Change Your Mindset From a Savings to an Investing Outlook.
Research has shown that women are more likely to save than invest their money. The big distinction between the two is that the latter has the ability to compound and grow your wealth over the long term. If women invested at the same rate as men, there would be an extra $3.2 trillion of assets in their pockets today. The investing gap coupled with pay disparities has come with a severe cost: Women retire with only two-thirds as much money as men in their 401(k)s, even though women live, on average, six years longer than men.
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3. Enlist Help From Professionals.
As women, we wear so many different hats and take on so many responsibilities. It’s almost second nature for us to multitask, because we’re always faced with so many demands. There are areas, though, where reaching out for help is critical — especially when professional advice is warranted. Some professionals who could be helpful to hire: a CPA, estate planning attorney, insurance broker or agent and financial adviser.
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