Did you happen to catch this Department of Employee Trust Funds webinar: Wisconsin Strong Women: Unique Challenges to Achieving Financial Security? Madison-based WORT Radio recently interviewed webinar moderator Kathy Blumenfeld, Secretary of the Department of Financial Institutions, and panelist Lara Hinz, Director of Programs at the Women’s Institute for a Secure Retirement. The interview aired on the Sunday, July 11, 2021 episode of Her Turn.
Many women left the workforce during the pandemic — taking time out from paying jobs — and as a result, contributing less to their future economic security.
According to annuity.com, women are three times more likely as men to say they can't afford to save for retirement and that women also have significantly lower rates of financial literacy than men. Here is a good read from that source, Why Women Need to Start Having Serious Conversations About Money and Retirement.
Question: What does the picture look like for women and their financial health?
Hinz: "Over the last several decades, women have made substantial gains in employment, education, etc.; however, when you look at the big picture, specifically well-being in retirement...there are issues women face that make retirement security a challenge. First and foremost, women live longer so they will need more money to live out those years in retirement. Then there is the pay gap: Women also earn less — 82 cents for every dollar a white man earns, and it's even less than that for minority women: 63 cents for Black women and 55 cents for Hispanic women. These lower earnings leave women with fewer resources with which to save and invest."
Blumenfeld: Complicating matters even more is that women are “often suddenly thrust into a role where they need to make financial decisions; where, prior to this, they haven't had an active role. So, it's important that all along your financial journey you are learning and growing and actively involved in making financial decisions for you and your family."
About Wisconsin Strong Women
The Wisconsin Strong Women financial wellness education series is a part of the Wisconsin Strong: Your Financial Security™ program, offered by ETF. Wisconsin Strong is designed to empower members to maximize their WRS benefits, save for the future, and achieve financial wellness at any age. You'll find free financial wellness education, resources, and tools at etf.wi.gov/wi-strong. Follow along at #WIStrongSecurity.