In 2020, women earned 82.3% of what men earned, according to the U.S. For starters, the pay gap remains a stubborn stumbling block. Time crunch aside, all too often the financial deck is stacked against women of all ages. He has regularly offered advice on everything from setting up loan financing to talking through the various choices she might have as she phases into retirement and can focus on giving back as a volunteer to various animal charities close to her heart. That new advisor, Merrill Wealth Management Advisor Mitch McLendon, has been a valuable sounding board for Warren’s business decisions as well as her more personal long-term goals. Working with a new financial advisor, she shifted her investments into a range of low-fee options, and she’s now much more comfortable with her returns. I would have done as well if I had just put cash under my mattress.” It turns out Warren had been paying almost as much in fees as she’d been making on her investments.Ī cross-country move from Arizona to Florida provided her with a fresh start. Warren saw that she needed to pay closer attention to her finances when, after a number of years of investing, she realized, “I wasn’t really making money. Our saving and investing are impacted by these things, which makes it all the more important for us to take control of our finances early on.” “There’s a huge wealth gap between men and women, caused by such things as the pay gap and the fact that women tend to spend more time out of the workforce caring for family. Women can’t afford to ignore these issues, says Lorna Sabbia, head of Retirement & Personal Wealth Solutions at Bank of America. Thinking about investing, saving for retirement and other financial goals often gets lost in the shuffle. There’s a lot to juggle between work, caring for kids and relatives, and managing the household budget, among other demands. Women in Finance Charter Pledge (Pdf - 1.Warren is describing one of the biggest hurdles many women face when it comes to money.The Ministry of Finance, working with the financial sector associations, will support the publication of a yearly progress report based on the individual target setting. The annual reporting that is foreseen will strengthen each signatory organization’s sense of commitment and allow us to collectively take stock to see if the financial centre’s ambitions are on target. Under the Charter, signatory financial institutions commit to designating an executive within their firm that will be responsible and accountable for gender diversity and inclusion, and commit to setting voluntary targets to achieve greater gender balance within their firm, notably at executive and senior management level, and to publicly report on progress towards the targets.Īn important part of this journey to increase gender balance in senior management will be the monitoring of progress. Signatories to the Luxembourg Women in Finance Charter span across the breadth of the financial sector and include leading banks, asset managers and insurance firms in Luxembourg as well as the Luxembourg Stock Exchange. This also plays a key role in addressing the growing need for talent that the sector faces. While Luxembourg has the lowest gender pay gap in the EU, it is still a long way to go in order to increase the share of women in middle management and senior leadership positions.īy signing the Charter, financial sector companies underline their ambition to make the financial centre more inclusive and encourage the representation of women at all levels. With more than 60’000 women and men employed in the financial sector and related services, the financial industry is also one of the largest employers in the country and can therefore play an important leadership role by setting the right examples. Given the size and international role of the financial centre, Luxembourg and its financial services industry is fully aware of their responsibility in promoting gender diversity. What is the Luxembourg Women in Finance Charter about? On 8 March 2023, the Luxembourg Women in Finance Charter was launched to improve gender diversity in the Luxembourg financial centre.Īt a Ring the Bell to mark International Women’s Day at the Luxembourg Stock Exchange, the Luxembourg Women in Finance Charter was launched by its founding partners ABBL, ALFI, ACA, LuxCMA, LuxFLAG, under the patronage of the Ministry of Finance, and in the presence of the first signatories, which include the European Investment Bank and the European Investment Fund.
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