Women often provide care for both children and elderly parents and understand the physical and fiscal effects of being a caregiver. This demographic is known as the “Sandwich Generation” because they must balance work with unpaid caregiving responsibilities.
Being in the Sandwich Generation contributes to stress, depression, exhaustion, and financial hardship for caregivers. Many of the challenges women face include helping parents with long-term care and costs, determining money needed for retirement, figuring out healthcare expenses in retirement, paying for children’s education, and determining how to handle disability should working become an issue.
In this paper, Milliman’s Janet Jennings, Sheila Jelinek, and Suzanne Norman explain how multigenerational care affects women’s health costs. They also discuss how women can become more aware of resources and solutions that will help them and their loved ones improve their financial security.
In these trying times, many investors are relying on trained professionals to help them understand the markets and stay committed to their long-term goals. While gender should not determine the quality of financial advice, it is noteworthy that eight out of 10 people giving the advice are men.
Our new societal and economic pressures create a greater sense of urgency for many financial decisions: assessing investment risk tolerance, retirement timelines, college funding, and healthcare costs. Now more than ever, people need financial “helpers.” By increasing the number of female advisors, a greater number of clients can benefit from the unique perspectives and life experiences women bring to help people navigate critical financial decisions. The “Great Lockdown” could be an opportunity and rallying cry to challenge more women to step into an advisory career.
In this article, Milliman’s Sheila Jelinek, Suzanne Norman, and Michelle Richter explain what makes an ideal financial advisor, whether women are better investors, and the business opportunity for female financial advisors.
A recent survey by Prudential reported that 54% of women are
primary breadwinners, but men on average were more likely to say they are on
track to meet their financial goals. Only 54% of women have put aside money for
retirement compared to 61% of men. And when asked about their financial future,
52% of women said they were very worried compared to 42% of men.
Women face unique obstacles in securing the necessary road map for retirement. But as Milliman’s Christine Jello, Suzanne Norman, and Pat Renzi say in their article, “Women and retirement,” there is reason to be optimistic that, through innovative technology and an industry aware of women’s purchasing power, more resources are becoming available to help them chart their financial futures.