In this video, we're going to discuss the unique financial challenges that women face and what they can do to combat them.Watch more to learn about five struggles that women face when it comes to their finances.
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View TranscriptHi, I'm Jacci Giglio, and I'm a wealth advisor here in Columbia, South Carolina, at SouthState Wealth. Today we're going to discuss the unique financial challenges that women face and what they can do to combat them. The five struggles that women face when it comes to their finances, first is the gender pay gap.
On average, women make 18% less than their male counterparts, performing the same role. second is maternity leave and more often than not, maternity leave is still unpaid. Many companies are starting to offer paid leave for fathers as well as mothers, but mothers still take much more time off than men.
And unfortunately, there's a lot of evidence showing that women who take longer maternity leaves are perceived as being less committed to their careers and therefore less suitable for leadership positions. The third challenge is the need for a flexible work schedule not only to take care of children for the first 18 years of their lives, but because women are the primary caregivers for aging parents as well. The average loss income for taking care of a parent is $342,000. The fourth challenge is lower risk tolerance. Women are less likely than men to invest, putting their money in savings accounts rather than investing in the stock market.
But when women do invest in stocks, however, they perform better than men by an average of one to 2%. And finally, women have a longer life expectancy about 75 years for men and 80 years for women. So we need our money to last longer to combat these challenges.
Women need to take a leadership role in their financial lives by identifying their goals and connecting them through planning, budgeting and saving and investing.