Financial literacy is the core knowledge that contributes to informed financial decision-making. It’s not intuitive, but can be learned in a variety of ways. However, In the U.S., women receive mixed messages about how to set themselves up for financial success as business leaders and working professionals.
Knowing exactly when to seek out a financial advisor or wealth expert can seem confusing. You may think that you should meet a certain income bracket or level of career success to finally get the ball rolling with a financial expert. But the truth is - it’s never too early to set the stage for your financial wellbeing.
Given the high rate of women-owned and led enterprises in the San Francisco Bay Area, Ethos hosted our first Speed Sipping women’s financial empowerment workshop on February 28, 2020. We featured local certified female financial advisors and business leaders who have demonstrated a commitment to advocating for and mentoring local women entrepreneurs and business owners.
Zoe Buonaiuto, Chief of Staff at Ethos, kicked off the event with an overview of the history of the life insurance industry. She first described the industry’s roots in ancient Rome - when general Gaius Marius developed a system for adequately burying battle heroes. During the Civil War, the nation’s first life insurance firms took root - focused once again on protecting the finances of male breadwinners who lost their lives during the war.
As women have advanced in the workplace and assumed a leading role in managing our households, Ethos has noted that the life insurance industry has been slow to adapt to their particular needs. With Zoe’s thought-provoking presentation, our attendees began discussing how life insurance is a vital component of any woman’s financial future.
After each speaker introduced themselves, the women broke up into intimate sessions where they discussed various tips for building a substantial financial legacy:
Women have been asked for thousands of years to put the needs of others before themselves. This lack of resources and education can lead to gaping financial disparities that may seem surprising for a highly developed nation. In the U.S. alone, Vanguard estimates that women are 80% more likely to become impoverished in retirement. And according to the same study, women will have 34% less money in their retirement accounts than men.
Once considered a necessity for men, financial advice, life insurance, and other financial tools today have a place in safeguarding what matters most to a woman as well. From your family and home to the legacy you want to leave behind - today is the day to take charge of your financial future!