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Having candid conversations about the wage gap, about the financial effects of career breaks, of women’s longer retirements and higher health care costs can help you prepare for these challenges.
WOMEN DON’T TALK ENOUGH about money. “We talk about a lot of stuff, in detail, but we don’t talk about money,” observes Lorna Sabbia, head of Retirement and Personal Wealth Solutions with Bank of America Merrill Lynch. She and several other women have come together on a panel to introduce three new reports exploring women’s economic impact and the role that money plays in women’s lives. Highlights of their wide-ranging conversation are captured in the video above.
Breaking that taboo about money—overcoming the reluctance to talk about it—could lead to more positive financial outcomes for women, according to one of the reports, Women & Financial Wellness: Beyond the Bottom Line, published by Merrill Lynch in partnership with Age Wave. “Having candid conversations about the wage gap, about the financial effects of career breaks, of women’s longer retirements and higher health care costs can help you prepare for these challenges,” notes Sabbia.
You may say that one of your financial goals is saving for a child’s
education. Or caring for aging parents. But what about you? Your work?
Your downtime? Explore the priorities that matter
most to you.
“But women aren’t exactly sure how to start the conversation, and that needs to change,” says Maddy Dychtwald, a co-founder of Age Wave.
In addition to Women
& Financial Wellness, the reports include Women’s
Entrepreneurial Journeys, from U.S. Trust, featuring advice from
eight successful business owners; and Women:
The X-Factor, from BofA Merrill Lynch Global Research, examining
women’s increasingly powerful role in the economy and corporate
America. “Taken together, they provide a lot for women to talk about,”
says Sabbia. They also offer tips and insights that can help women
along the path to greater financial security.
Watch highlights from the panel discussion above. Then read the reports, and start your own conversation.
Then we can provide you with relevant answers.Get started