Written by: Allison Berger, Grace Kvantas, Darian Billingsley and Haley Modlin
As International Women’s Day [March 8th] approaches, we wanted to get together to explore ways to improve the financial outcome for women across the globe.
The gender wage gap costs women $1.6 million in retirement savings over the course of their careers which is especially problematic since women have longer life expectancies than men. In addition, women are more likely to be the caregivers for children and aging parents which limits their ability to maintain paid employment during this time.
This is why it’s important for women to utilize every possible tool to help them improve their long-term financial security. Listen to this episode to discover helpful tools to tackle the four Cs of women’s personal finance.
Digital tools are like a modern-day accountability partner
The past ten years have seen a wealth of technological advances in the financial services industry. Tech tools can help you track your spending and keep you on track to fulfill your savings goals. Monitoring your cash flow is an essential way to understand where your money is going and to ensure that it aligns with your priorities and values.
Many of us get to the end of the month and wonder what happened to our paycheck. There are a wealth of apps and websites that can help you track where your money is going. While the act of budgeting is important, it is just as important to understand where your money actually went.
People often choose to skip this step since they are busy, but there are helpful tools that can ensure you are on track to reach your financial goals. By using these tools and keeping track of your spending you’ll reduce impulse buys and help keep yourself accountable.
Here at Financial Symmetry, we use a special in-house tool that tracks your spending against your set targets. Listen in to hear how it works.
Improving compensation for women
While the gender wage gap is improving, it still exists–impacting women around the world. One thing that women can do to improve their income is to change jobs. Over the past several years, we have seen that people who switch positions see a larger pay increase. Check out LadiesGetPaid.com to discover tools and resources to help you improve your earnings.
Women are traditionally caregivers
Thanks to women’s traditional roles as caregivers, we often miss out on income during this period. Women who care for their aging parents are twice as likely to end up in poverty.
While the caregiving options have improved with technology, the issue of caregiving remains a problem not just for individuals but for society as a whole. Listen in to hear how advancements in technology can improve not only the financial outcomes for women, but also have broader economic benefits
Take advantage of compound interest
Women can maximize the power of compound interest by investing early. There are a wealth of websites and digital tools that can help you maximize your savings and even increase your savings at set intervals. Learn why it is important to save early and let your savings increase over time.
Related: How Will You Handle Your Retirement Transition with Susan Bradley