Although it may not be widely recognized, women are significant influencers and controllers of wealth. According to the Wall Street Journal, by 2022, women will control more than 60 percent of wealth in U.S. and it is estimated by 2028, women will control 75 percent of discretionary spending worldwide. In addition, it’s estimated that 90 percent of women will be the primary manager of their finances at some point in their life, particularly given that women tend to out-live men.
But a gap still exists – women earn less and invest those earnings less than their male counterparts. Therefore, in the glory years, women age 65+ are 80 percent more likely than men to fall into poverty.
At UMB, we see that there is an opportunity to educate and support the money management needs of women, which is why we’ve recently held several educational events and are continuing to make our “Women and Wealth” initiative a priority.
Our ultimate goal is to help women know their worth. As our current clients already know, we work to build relationships and truly understand each individual’s financial situation and goals so we can provide both education and guidance. We offer a broad variety of financial solutions that meet women wherever they are in life and whatever they have in the bank. Whether it’s just starting out professionally, re-entering the workforce, managing a family, navigating a divorce, or preparing for retirement – our team is here to build a plan through all of life’s events and help women be armed with the knowledge and support they need to meet their financial goals.
One key aspect of our commitment to helping women know their worth is that we are a fiduciary, meaning that we have a fundamental obligation to act and provide advice in our clients’ best interest. This means that everything we do starts with you – always.
I’m personally very excited about UMB’s commitment to this initiative and building on the programs we’ve already created. I hope you’ll join me on this journey of better understanding your own worth and helping others discover theirs as well.
Connect with us to grow and plan for the life you want at umb.com/wxw.
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