(WTNH) – News 8 is taking a look at the wealth gap when it comes to women, and helping women feel confident in their finances.
“There are at least three systemic barriers in our way. The gender pay gap, the need to be caregivers for children and aging parents, and a lack of financial literacy and education for women,” said Sibil Sebastian, Vice President of corporate strategy at American Century Investments.
According to American Century Investments findings, white women earn 81 cents for every dollar white men earn.
“They only own about 32 cents for every dollar of wealth earned by their male counterpart. This is even lower for women of color. Women also tend to bear the brunt of caregiving for not just children but aging parents. Because caregiving impacts women financially, it also contributes to the gender investing gap,” noted Sebastian.
Sebastian said most women identify themselves as less confident about investing so to get started she recommends we start with the homework.
“Look at your bank accounts, know your numbers, your savings, and debt, and the interest you’re paying,” she added.
It may also be beneficial to speak to a financial advisor.