This Friday, March 8th, 2024, is International Women’s Day (IWD).
The 2024 IWD campaign theme to “inspire inclusion” is to recognize the importance of eliminating biases, barriers, and all forms of discrimination against women, and to foster a more inclusive and equitable world for women.
At Creative Planning Financial Group, March 8th is also an important reminder that gender biases can creep into the world of finance and investment. We strive to recognize the financial barriers that women face – and by learning more about them, to overcome them and create a more equitable investment landscape for all.
Today, women comprise almost half of the labour force (47% as of 2020), more than half of the students enrolled in postsecondary education (57%), and in one-third (33%) of dual income marriages, women make more than their partner.
Despite the increasing earning, purchasing, and investment power of women, historical and gendered barriers have held women back in the worlds of savings and investing.
Forbes Magazine recently noted that it remains predominantly women that are expected to take time off of work and out of their careers to care for children and elderly parents, and with that “comes an earlier career plateau and the gender pay gap”, which reflects how – despite decades of social progress and progressive legislation aiming to make pay equitable – women still make less money than men working the same job. The Pew Research Center has found that, even as recently as 2022, women make only 82 cents for every 1 dollar that a man makes.
Unfortunately, the current reality for women who wish to build a solid nest-egg for their future is that they likely have to start saving earlier, with more specific and consistent savings strategies. Women also live an average of five years longer than men, meaning that retirement dollars must be stretched even further later in life than partners or spouses.
Not only are there barriers for women while investing, but there are historical barriers for women investors and financial advisors, too. Financial Services are typically run by men, and a recent study by Deloitte showed the slow pace of progress as, across the globe, 18% of C-suite leaders in financial sectors were women. The report states that “Many organizations may need to take steps now to attract, develop, and retain women for top roles—and focus on their pipeline of senior leadership and next-generation leaders”. Indeed, data from the UK’s Financial Conduct Authority found that 84% of financial advisors are men.
At CPFG, we recognize the historical barriers that women face, and we believe that a focus on equitable, sensible, and consistent investing and financial planning can help overcome forms of bias and discrimination that have held women back for decades. We want to go the extra mile to help establish a more equitable and inclusive financial landscape for all.
If you are a woman seeking financial advice, contact us to explore options, opportunities, and strategies to help you achieve your goals, creating a brighter future for you and your loved ones.
