March is Women’s History month; a time devoted to commemorating and encouraging the study, observance and celebration of the vital role of women in American history.
In 1964, the first female officer was named at Trust Point. We have come a long way since that time. In fact, over 60% of those on Trust Point’s management team are women. We are committed to ensuring that women are well-represented at all levels of our organization and will continue to support and empower their contributions.
This month not only provides the opportunity to honor the accomplishments of our trailblazing women at Trust Point, but to also recognize all the extraordinary and visionary women who have built, shaped, and improved upon our great Nation.
Here are some fun woman and finance-related facts:
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Women are starting businesses at twice the rate of men.1
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Women own 40% of all businesses in the U.S., generating $1.8 trillion annually.1
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There are 114% more women entrepreneurs than 20 years ago.1
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Millennial women are almost twice as likely as women in the Baby Boomer generation to earn the same as their partners.2
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The gender pay gap continues to narrow, with women earning 84% of men, up from 64% in 1980.2
- 30% more married women are making financial and investment decisions than five years ago.3
As these stats indicate, women are advancing, amassing greater wealth than in previous generations. Projections suggest that over $30 trillion in Baby Boomer assets will transition in the coming decades, the majority of which will be controlled by women. There will be increasing financial influence wielded by women, both in the broader economy and within their own households. As they navigate the complexities of wealth alongside their careers and caregiving responsibilities—be it for aging parents or their own children—women will face heightened demands on their financial planning strategies.
At Trust Point, we understand women have different needs. We will help you build a personalized plan that helps you achieve your goals and aligns with your values, now and for generations to come. Give us a call at 800-658-9474 or fill out our online form to get started creating a plan unique to you.
Sources
1 Women Business Ownership in America on the Rise, U.S. Census Bureau, 2021. 2 17 Women-Owned Business Stats You Need to Know, Fundera, December 16, 2020. 3 Ibid. 3 Women Business Ownership in America on the Rise, U.S. Census Bureau, 2021. 4 Having a woman in the boardroom or C-suite drives even wider diversity, study finds, CNBC, July 28, 2022. 5 Women Advance to Executive Positions Faster Than Men, but Few Make it All the Way to the Top, Observer, August 31, 2022
2 Wells Fargo: Younger Women are Increasingly Earning the Title of “Breadwinner”, Wells Fargo, 2021. 2 Ibid. 3 Gender pay gap in the U.S. held steady in 2020, Pew Research Center, May 2021.
3 Women are gaining power when it comes to money – here’s why that’s a big deal, CNBC, May 3, 2022. 2 U.S. wealth management.: A growth agenda for the coming decade, McKinsey & Company, February 16, 2022. 3 Ibid.
