How Women Can Develop More Financial Confidence
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What is the main topic discussed in this episode?
Here's your Money Briefing. I'm Anne-Marie Fertoli at The Wall Street Journal in New York.
How does the episode introduce the problem of women’s retirement savings and financial confidence?
Women tend to live longer than men, but they aren't saving enough for retirement. In a recent study, about half of women surveyed say they aren't confident about their finances. The Wall Street Journal's J.R. Whalen talks with Susan Neely of the American Council of Life Insurers about how women can get better at managing money, coming up. First, here are some top money and market stories.
What high-level news context precedes the interview about women and money?
A new study finds that a single large player manipulated the price of Bitcoin as it ran up to a peak of nearly $20,000 two years ago. In a study published online this week, John M. Griffin, a finance professor at the University of Texas with a background in forensics, and Ohio State University finance professor Amin Shams traced the movement of the two currencies between March 2017 and 2018. when the price of Bitcoin soared and its total market value rose to $326 billion. They found that about half of that increase was due to the influence of an unknown manipulator who operated from a single account at Bitfinex, the largest cryptocurrency exchange at the time. The manipulator used the cryptocurrency Tether to boost demand for Bitcoin, leading to the price surge.
If you have hardwood floors in your home, there's a good chance that wood may have been harvested illegally. A recent study done by the World Wildlife Fund, World Resources Institute, and U.S. Forest Service found that as much as 62 percent of U.S. wood products, mostly imports, were mislabeled. The World Wildlife Fund said wood is considered illegal if it was harvested, transported, processed, bought or sold in violation of national or international laws.
Who is Susan Neely and why is she speaking about women’s financial confidence?
Illegally logged timber is a problem for industries making everything from furniture and flooring to musical instruments and sporting goods. Experts aren't sure how much wood in U.S. stores is mislabeled, but the U.S. is by far the world's largest importer of wood and wooden furniture by value. And finally, if you're wondering whether Apple's new AirPods Pro are worth the $250 price tag, our personal tech columnist Joanna Stern has a new video out where she tests how the earbuds hold up against their non-pro competition.
What practical first steps does Susan Neely recommend for women to build financial literacy?
There's also a mechanical bull involved. You can watch the video up on our website, WSJ.com. Coming up, how women can develop more financial confidence.
Women live longer than men, but women save less for retirement. In recent surveys, about half of women say they are not confident about making financial decisions. So how can women develop confidence and take control of their financial lives? American Council of Life Insurers CEO and President Susan Neely joins us to discuss. So Susan, in the past, lower retirement investment by women, that could be chalked up to the fact that there were significantly more men in the workplace than women.
Why does Susan Neely recommend working with a financial planner and how can women access one?
But that's not the case anymore.
First, let's focus on the good news here, that 73% of women at least are actively involved in managing their finances and their family's finances. So that blows the outdated stereotype that we don't have a seat at the table and we're not concerned about these things. Obviously, we're concerned and we have a seat at the table.
What structural challenges (pay gap, caregiving, student debt) affect women’s ability to save?
So that's the good news. We are less confident, as you say, and that could be for a variety of reasons. But what that tells us we need is more financial education and more financial literacy for women so that if we got the seat at the table, we know we're making the right decisions for ourselves and our families.
So how do women go about developing more financial literacy?
Well, there's several things we can do. One is just to lean in on money talk.
How can parents and schools help the next generation develop stronger financial confidence?
I know it sounds simple, but I can't tell you how many women say, I know this is a dumb question, but get that out of your mind. There's no dumb question when it comes to talking about your family's finances and what's good. There's a whole range of things you need to be considering. Retirement savings is one of them. Protecting your family should the worst happen.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:05–0:10
2
How does the episode introduce the problem of women’s retirement savings and financial confidence?
0:10–0:31
3
What high-level news context precedes the interview about women and money?
0:31–1:43
4
Who is Susan Neely and why is she speaking about women’s financial confidence?
1:43–2:12
5
What practical first steps does Susan Neely recommend for women to build financial literacy?
2:12–3:02
6
Why does Susan Neely recommend working with a financial planner and how can women access one?
3:02–3:23
7
What structural challenges (pay gap, caregiving, student debt) affect women’s ability to save?
3:23–3:51
8
How can parents and schools help the next generation develop stronger financial confidence?
3:51–7:43
Speakers
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