Celebrating Women’s History Month: Wealth Planning for Women
March 09, 2022
As we celebrate Women’s History Month, we recognize the many social, economic and cultural contributions and achievements of women. So, we would like to take a moment and recognize that a woman’s financial health may involve planning issues that are specific to her financial journey.
Potential financial needs for women to consider:
• A longer life expectancy. On average, women outlive men by about five years.1 This means that women need to plan for their money to last longer.
• A leave of absence to care for loved ones. Women may experience challenges with family care and decide to leave the workforce to care for young children2 or aging parents.3 When a woman leaves her job, she sacrifices income and the ability to contribute to her 401(k) plan and Social Security benefits, detrimentally impacting her nest egg.
• A desire to invest with her values. Many women are interested in screening their investments for environmental, social, and governance factors to ‘make an impact,’ and would like to consider ESG opportunities.
• An inheritance of significant wealth. An estimated $30 trillion is expected to pass down to women by 2031 in ‘The Great Wealth Transfer,’ and women need to be prepared to take control of their wealth.
Washington Trust Wealth Advisors take the time to understand every client’s unique situation to create a tailored wealth plan that empowers them to prepare for life’s transitions and achieve their goals with confidence. We stand ready to provide you and your family with the trusted advice you deserve. Please reach out to your Washington Trust Wealth Advisor to explore the ideas presented here or to discuss your specific needs and financial goals.
1 Women as the next wave of growth in US wealth management, McKinsey & Company, July 29, 2020.
2 Stay-at-home moms and dads account for about one-in-five U.S. parents, Pew Research Center, September 24, 2018.
3 Caregiving in the U.S. 2020, National Alliance for Caregiving and AARP, May 2020.
The views expressed here are those of Washington Trust Wealth Management and are subject to change based on market and other conditions. Investment recommendations and opinions expressed in these reports may change without prior notice. All material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed.
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By accessing the noted link you will be leaving Washington Trust's website and entering a website hosted by another party. Washington Trust is not responsible for, nor do we control, endorse or guarantee the content of any external sites. Please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of Washington Trust's website. We encourage you to read and evaluate the privacy and security policies of the site you are entering, which may be different than those of Washington Trust.
By accessing the noted link you will be leaving Washington Trust's website and entering a website hosted by another party. Washington Trust is not responsible for, nor do we control, endorse or guarantee the content of any external sites. Please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of Washington Trust's website. We encourage you to read and evaluate the privacy and security policies of the site you are entering, which may be different than those of Washington Trust.
This material is presented for informational purposes, and nothing herein constitutes legal, accounting, or tax advice. Please consult with an attorney or tax professional regarding your specific financial, legal or tax situation.
The views expressed here are those of Washington Trust Wealth Management and are subject to change based on market and other conditions. Investment recommendations and opinions expressed in these reports may change without prior notice. All material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed.