Episode 3 - Women And Finances

Women are beginning to take an interest in managing their money.

Episode Transcript

Speaker 1 (00:02):
Hello. My name is Gil Kavanaugh, and the title of
this episode is Women and Finances Becoming financially Literate. Because
of the changes that have occurred in the last two years,
the COVID pandemic and the political appaval in the United States,
countless numbers of women have decided to make some changes

(00:22):
in the way that they handle their money. Today, women
are more focused on how they can use their finances
to make changes in the world through increased charitable giving,
supporting brands and companies whose values are more aligned with
their own, finding careers and changing jobs to those that
are more meaningful, and finding ways to be of more

(00:45):
service to others. This new mindset is causing more women
to be more on track to becoming wealthy and controlling
more of the world's assets. Since twenty twenty, have been
in control of eleven trillion dollars of financial assets. This
number could increase to more than thirty trillion by two

(01:08):
thoy thirty. Because of their desire to lead more meaningful
lives and their track and they are taking more control
of their finances, women are going to make more of
an impact in the world. If this is to happen,
more women need to make decisions to plan for their
financial futures. Women tend to defer to the men and

(01:30):
let them plan for their financial futures rather than to
take the steps to plan on their own. This occurs
because they lack the confidence to plan. Single women need
to learn the skills that relate to financial planning and
investing their money in order to take control of their finances.
Once they do that, they will be able to invest
with purpose and grow influentially. More women eighty seven percent

(01:59):
are embraced the idea of using money as a tool
to impact change. The millennials are leading the way. They
are making decisions to volunteer their time, give more donations
than making better choices in careers to help them lead
more meaningful lives. Consequently, seven in ten women have increased

(02:21):
their philanthropics or because of the COVID pandemic. While baby
Bombers are more interested in religious causes and fighting poverty,
the millennials are more inclined to give their money to
help fight social injustices and inequality. Both groups support education
and the environment, while women support the idea of investing

(02:43):
their money in alignment with their values. Less than half
seven percent of the women have their money invested accordingly.
Because they feel the returns will be low, they do
not invest their money in these areas. Again, women need
to develop the notedge and skill in investing their money.
Married women, on the other hand, are still deferring to

(03:05):
the men when it comes to investing their money. However,
a high percentage of them are engaged in charitable giving.
They are more interested in giving than they are in
learning about how to invest their money. There has been
an increase since twenty eighteen in the number of married
women who are investing money and engaging in charitable bill giving.

(03:27):
Even though more women are coming forward to take control
of their finances through investing, they still lack the confidence
in their decisions. The reason for it is their lower wages,
not enough female mentors in the financial industry, and women
tend to be conservative, keeping most of their portfolio in
cash and cash equivalents when they do invest. The studies

(03:48):
show that women aren't better returns than men, but they
make fewer trades.