She’s Bringing Home The Bacon, But Who’s Cooking?
The long-held convention that men are the breadwinners while women control the purse strings has, in the last few generations, been upended. Now, women are increasingly taking on both roles. And yet, the role of women both in the investment field as well as the role women play in their own wealth management has not been given the attention it deserves.
Women constitute 76 percent of their household’s primary retirement planning and will control an estimated $22 trillion in assets by the year 2020.
Today, women are still the primary financial decision-makers. The financial services industry is taking notice.
Unfortunately, girls and young women are “substantially” less financially literate than their male counterparts and less likely to correctly answer questions about interest rates, inflation and risk diversification, according to a 2010 study of more than 7,400 young adults by researchers at Harvard, Dartmouth and the University of Pennsylvania.
In an effort to increase the financial literacy of the next generation of women, the group Invest in Girls (IIG) provides young women with a strong financial knowledge base, success female mentors, and exposure to financial services. They recently rolled out three test programs with a goal of being more than another “kids and money” program.
Until money stops making the world go ‘round, we need to make sure that girls are equipped with the tools and knowledge to ensure their own financial well-being.