04.14.21
Why Male Advisors Can't Close the Gender Financial Literacy Gap Alone
by: Christopher Robbins
Women are generally behind when it comes to understanding money management, finance and investing, whether they are low-earning retirement plan participants or senior members of ultra-high-net-worth families, says co-founder of Spectrum Management Group Leslie Thompson. That gap in literacy could be persistent and have widespread effects, she says, since women are increasingly taking lead roles in business and household finances. While Thompson thinks it would be preferable to solve the issue with more female advisors, she also acknowledges that “this industry is not good for women” because it does not make allowances for women’s career gaps. Thompson thinks the industry has an opportunity to better serve and communicate with women, if it is willing to listen and evolve. “Think about our conversations about divorce and dating and the potential financial consequences,” she says. “That’s what women want—the services have to be the same and just as robust, but the conversations should be a little different. Women want more soft-touch conversations. I think the financial industry is making strides in addressing and providing content for women, but I’m not sure if it’s being accessed by the people who need it most.”
Read the full article on Financial Advisor.