Sarah Foster’s Post

A new Ipsos poll conducted on behalf of BMO reveals a significant gender gap, as women are statistically more likely to trail men on financial indicators almost across the board. For starters, women are less likely to think they are making real financial progress (29% vs. 37% of men) and are more likely to report feeling increasingly concerned about inflation (63% vs. 51%), the cost of living (66% vs. 54%), and their overall financial situation (43% vs. 35%), over the past 3 months, than men. Click here to access the data. https://lnkd.in/gfJY3PNV

📈 Are Women Financially Prepared for an Impending Recession? 📉Hello, LinkedIn community! A recent Bankrate survey has shed light on a concerning issue: 74% of women are worried about a potential recession, compared to 65% of men. Even more alarming is that nearly half of the women surveyed feel unprepared for such an economic downturn. Why This Matters Income Disparity: Women, on average, earn less than men, making them more vulnerable during economic uncertainties. Financial Preparedness: Lack of preparation can have long-term consequences, especially for those who are already financially behind. Actionable Steps 1️⃣ Cut Back on Discretionary Spending: Now is the time to review your budget and eliminate non-essential expenses. 2️⃣ Boost Emergency Savings: Aim to save at least three to six months' worth of living expenses. Even small contributions can make a difference over time. 3️⃣ Seek Additional Income Streams: Whether it's a side hustle or a new job opportunity, diversifying your income can provide an extra safety net. Final Thoughts Financial preparedness is not just a personal issue; it's a community concern. As someone passionate about financial education, I believe we can empower ourselves and others to navigate these challenging times successfully. Let's open up the conversation. What are you doing to prepare for a potential recession? Do you feel that women face unique challenges in this regard? #FinancialPlanning #RecessionPreparedness #WomenInFinance #IncomeEquality #FinancialLiteracy #EmmaKnowsMoney

Interesting commentary from Forbes about economic sentiment and the historical difference between men and women because, as noted: "...the truth of the matter is that the economy still caters to the wants and needs of men." The graph in the article reflects since the late '70s. #labor #economicoutlook #economicopportunity #economicopportunities https://lnkd.in/eT_QGW4d

📈 Are Women Financially Prepared for an Impending Recession? 📉Hello, LinkedIn community! A recent Bankrate survey has shed light on a concerning issue: 74% of women are worried about a potential recession, compared to 65% of men. Even more alarming is that nearly half of the women surveyed feel unprepared for such an economic downturn. Why This Matters Income Disparity: Women, on average, earn less than men, making them more vulnerable during economic uncertainties. Financial Preparedness: Lack of preparation can have long-term consequences, especially for those who are already financially behind. Actionable Steps 1️⃣ Cut Back on Discretionary Spending: Now is the time to review your budget and eliminate non-essential expenses. 2️⃣ Boost Emergency Savings: Aim to save at least three to six months' worth of living expenses. Even small contributions can make a difference over time. 3️⃣ Seek Additional Income Streams: Whether it's a side hustle or a new job opportunity, diversifying your income can provide an extra safety net. Final Thoughts Financial preparedness is not just a personal issue; it's a community concern. As someone passionate about financial education, I believe we can empower ourselves and others to navigate these challenging times successfully. Let's open up the conversation. What are you doing to prepare for a potential recession? Do you feel that women face unique challenges in this regard? #FinancialPlanning #RecessionPreparedness #WomenInFinance #IncomeEquality #FinancialLiteracy #EmmaKnowsMoney

#WednesdayWisdom Women face financial hurdles-the wage gap, work breaks, greater longevity-throughout their lives. Here's an age-by-age guide to questions you should consider. No matter what your age, we can address all these questions and more when we work together. Reach out to me today! #WomeninFinance #WomenandWealth #FinancialAdvisor #ML

This very long The New York Times piece mentions many reasons why there hasn't been a predicted recession... yet it doesn't once mention the role of working women. Women's workforce participation is at record levels, and has been since last April. It's the result of remote/hybrid work options, combined with the rollback of COVID-era restrictions on school and daycare. Moms of very young children are leading the way - and are thrilled about the new opportunities they now have. This isn't just good for these women - it's great for the economy. A 2022 Moody's Corporation report estimated that increasing female participation could add up to $1 TRILLION to GDP over a decade. It's time to recognize the role women are playing in the economy's resilience - and also for companies insisting on return-to-office mandates to realize they're not just hurting their employees, but the US economy. #women #economicempowerment #growth

It's #NationalInclusionWeek so it's a great time to highlight Progress Together's 'Shaping our Economy' report, which is the largest study into socio-economic diversity and progression in financial services in the world. Following a survey of just under 150,000 people, their findings revealed that: - White men from higher socio-economic backgrounds are 30 times more likely to be found in senior positions than working class women from ethnic minority backgrounds. - Half of all senior roles in the sector were held by white people from a higher socio-economic background. - Women from working class backgrounds experience a significant ‘double disadvantage’, progressing 21% more slowly into senior roles than their peers from more advantaged families. I'm keen to speak with leaders within the Insurance industry, to understand how you'll be actioning this data to make your workplace more inclusive.

The plight of women in emerging markets (specifically in South Africa) across all spheres; from GBV to social and professional discrimination remains a huge injustice - not just for the women themselves but for society at large. Listening to former deputy president Phumzile Mlambo-Ngcuka at the EmpowaWomen leadership summit this past weekend, it became clear how behind we are on achieving the goals she and other like minded women set out for us as a nation in the early 90s. Thinking about my own context, it occurred to me that one of the most inconspicuous challenges that women in emerging markets face is financial illiteracy. What is particularly interesting about financial illiteracy is that it impacts women from across the income spectrum - regardless of their level of education, profession, or exposure. The lack of financial literacy is often wrongly associated with lower income groups. There could be nothing further from the truth. It is however incredibly difficult to solve for financial illiteracy amongst women in higher income groups (It is unlikely if not impossible to find a woman earning over a certain amount of money who would be willing to admit to a lack of knowledge on what maybe perceived as basic financial principles). As a result, we see many well earning women making decisions that are detrimental to their financial stability but, most importantly, failing to pass on the knowledge they themselves dont have. As financial services brands, we must normalise sharing basic financial principles and concepts with consumers across all income brackets in a way that best resonates with them. It may not be the kind of content that will make us trend, but its certainly the kind of content that consumers will thank us for one day and who knows? they might even take up a product or 2 that they never knew they needed. #TogetherWeCan

The US has 12.3 million women-owned businesses which generate $1.8 trillion a year. Women make up 50.4% of the general US population, but only 40% of US businesses are women-owned. They have a 15% lower likelihood than men to have a bank account at a formal financial institution (Findex) and a 20% lower likelihood than men to have borrowed formally from a financial institution (World Bank).   A 2022 TIAA Institute financial literacy survey found that women answered an average of only 45 percent of personal finance questions correctly, whereas men fared significantly better with 55 percent correct on average. Multiple surveys have found that fewer women feel confident making investment decisions, compared to men. This gender gap makes it harder for women to achieve financial success. We’ve been helping women to learn about financial strategies and get in a better position to manage their wealth from day one. If you know of someone who can benefit from some insight, message us. We'd love to help them out. #education #investment #womanpower #woman #wealthtransfer #financialliteracy #financialliteracymatters #womenentrepreneurs #womenentrepreneurs #womenempowerment #womenwellness

Shifting norms have transformed gender roles and financial responsibilities. More women are primary breadwinners. Research by Target Group Index data reveals financial distress among 19,1% of women in emerging markets and details the struggle to make ends meet. We unpack the safety net that insurance solutions can offer and the importance of financial literacy to empower women. Read more: https://bit.ly/3DYX1Bf #TogetherWeCan #financialliteracy