With mother’s day on the horizon (May 13th – but you knew that, right?) this week’s top reads are all about women and money. Of particular interest is the gender gap, which continues to close, however the repercussions of this gap and the common challenges women face in retirement are still imminent. Raghav has also included an article that could spark inspiration for women who are thinking about starting their own businesses.
As the gender pay gap narrows, women continue to experience shortfalls, particularly when it comes to accumulating wealth. In this article, Tanya Tarr shares surprising results from a new study by Merrill Lynch and Age Wave, examining Women and Financial Wellness.
Women can fall as much as a million dollars behind their male counterparts over the course of their lives. The study … explored differences in how women and men approach investing as well as how their life paths and obligations shape their choices. The study found that women are less confident in managing investments (52%) when compared to men (68%).
With these results in mind, Tarr gives five tips to help women break the investment barrier and achieve financial independence. Read the full article here.
In this article, Kelly McShane of Vanguard discusses the barriers that women face when it comes to saving for retirement. These include leaving the workforce temporarily to care for family, and starting their careers earning (on average) just 81% of what a male would earn at the beginning of his career. These “hurdles” begin to add up, affecting females throughout their careers and ultimately, in retirement. Read the full article here.
In this Kiplinger article, Stephanie Sammons discusses the gender gap and the common challenges that women face as they approach retirement. She sees retirement as a new beginning, rather than a transition to end-of-life, and shares different ways in which women can enter retirement. Starting a new career or learning a new skill, taking a “mini-retirement,” and understanding your “retirement vision” are all options for women thinking about retirement.
Whether we like to admit it or not, we’ve all had those moments where we think to ourselves, I should have listened to my mom! In the same vein, MoneyTalksNews asked people to share the best financial lessons they learned from their mothers to create this list of 10 influential money lessons.
Read the full article here.
The idea of starting your own business might be daunting, but it’s important to remember that even the most successful entrepreneurs started somewhere. Mary Fernandez of CreativeLive blog asked 17 women, including Tara Gentile and Sophia Amoruso to share how they began and grew their businesses.
“After two layoffs in two years, I got a gentle nudge from the Universe that I needed to create my own destiny and my own financial security. While staying home as a full-time mom, I started looking for opportunities where I could use my skills to make money. That’s when I discovered that I could be an online coach, and decided to dive in head first.”
Read the full article here.