The financial outlook for women is getting stronger every year. The gender wage gap is the smallest it has ever been, and as of 2016, there were more female CEOs leading S&P 500 companies than ever before. In fact, according to S&P Global Market Intelligence, the number of female CEOs increased 22% in 2016. What has not changed, however, is women’s role as caregivers.
Whether we are caring for our children, our partners or our parents, women are often the primary caregivers for our families. Our familiarity with this critical role means we are already trained to help others, so supporting our communities is a natural outgrowth of these experiences. The team at Lundeen Abrams Advisors understands the importance of women and philanthropy as part of a full financial picture. We help our clients find ways to make a positive difference and create a lasting legacy.
Realities of the Gender Gap
Even though the number of female CEOs has increased, there are still only 27 women leading S&P 500 companies, according to S&P Global Market Intelligence. In general women continue to face a different set of challenges than men do, so how we approach financial planning and philanthropy needs to reflect that difference.
Women’s role as primary caregiver means that we are more likely than men to work part-time or even take time off to care for a loved one, losing income and many opportunities for professional advancement. Combine this reality with the fact that women tend to live longer and have higher average costs of nursing and personal care, and the importance of careful planning becomes clear. Working with the advisors at Lundeen Abrams Advisors can help clients clarify their financial and philanthropic goals while planning for their various responsibilities.
While the wage gap is decreasing, women and men still differ when it comes to how and why they are charitable. According to TheWall Street Journal, women are more likely to give and even give more than men, which makes understanding the impact women can have on philanthropy extra critical. Learn more about the importance of women and philanthropy.
The Importance of a Plan
Thanks to recent medical advancements, people are living longer while families continue to struggle with how best to care for their aging loved ones. According to the Financial Times, a third of women aged 55 to 59 care for an adult while just a quarter of men aged 60 to 64 care for an adult. Knowing the current statistics about caring for an aging adult and having a plan can help ensure financial, emotional and psychological stability.
Even having a philanthropic plan can help women narrow the focus to what we are most passionate about, where our caretaking skills and experiences are most needed and where we will make the most difference. At Lundeen Abrams Advisors, we assist our clients to prioritize their philanthropic interests and decide what organizations may need their time versus their financial support. Identifying local, national and even international causes will give our clients the opportunity to apply what they have learned as caregivers to their favorite nonprofit organizations and community causes.
The impact of women and philanthropy can have a profound effect on so many lives. By channeling our energy and resources into causes that support women and girls, for example, women can help address worldwide issues of poverty and conflict. Read more about the importance of women philanthropically supporting other women.
Planning for the future can seem like a daunting task. Not only do we need to consider the type of legacy and traditions we want to pass on after we are gone, but we also need to consider the many people we may need to care for, including ourselves, while we are alive. Because women have so much experience as caregivers, women and philanthropy is a natural, impactful connection that can have a profound impact for years to come.
Consider attending one of Suzanne Lundeen Abrams’ weekend Ethical Will Retreats to learn more about building and leaving the legacy you hope for while living the life you want.