Panel Discussion: Women & Money

Did you miss this live webinar? Watch the recording now.

Women―particularly women of color―have disproportionately felt the economic impacts of the COVID-19 pandemic. Many women realized that they need to get their finances in order and build a safety net to feel secure. To support their employees, forward-thinking organizations are increasingly taking a proactive role in developing financial wellness initiatives. BrightPlan hosted an industry panel discussion on April 28th to hear firsthand the experiences of women from diverse backgrounds on their relationship with money. The live event, Women & Money, featured leaders from Alight Solutions, Bloom Energy, Plancorp, and Wallace Global Impact and was moderated by BrightPlan’s Chief Marketing Officer. 

Here are some key takeaways from the session: 

1. Our experiences with money start at a young age

Our early experiences with money set the tone and act as a powerful force throughout our financial lives. It’s often called our “money story” or “money script,” which is the impact of our childhood on how we feel about money and how we interact with it and manage it throughout our lives.

Charity Wallace, Founder & President of Wallace Global Impact, shared a story from her childhood, “When I was 3 or 4, my parents taught me about saving by giving me a piggy bank. They also taught me about giving. For every $1, I needed to give away 10 cents. I didn’t want to do that as a child, but the idea of both saving and giving has stuck with me to this day.” 

Sonja Wilkerson, Chief People Officer at Bloom Energy, shared her early money story, “I remembered feeling rich after I earned my very first paycheck. My mom, who managed our household finances, told me to save some of that paycheck and instilled in me the need to take care of myself by saving. So I saved some and spent some of that paycheck.”

2. Financial literacy and planning lead to financial confidence

Saraab Myott, VP of Health & Wealth Solutions at Alight, shared her experience overcoming financial challenges, “When I was growing up, my dad was in charge of finances and my mom supported the house. I wanted to be the generation that changes that dynamic, but I didn’t have the financial acumen. A few years ago, I went through an unexpected divorce and had to learn about my finances at a time of crisis. Now I know my number; I know how much it takes to run my life and achieve my goals of saving for my kids’ education and eventually retiring. I have my emergency fund. I have a strong sense of what I can and cannot commit to.” Myott’s deep knowledge and understanding of her financial situation directly contribute to her financial confidence.

Women are on average 23% less confident than men about managing their money. However, women live longer than men, and most women will eventually end up having to manage their own finances. Sara Gelsheimer, Senior Wealth Manager at Plancorp, shares her perspective, “I learned about money in college and became a financial planner. Everyone should be taught at least basic financial planning early on in their lives. The sooner women become more confident with money before a tragedy happens, such as unexpectedly losing a spouse, the better we will be able to handle it.”

3. Employers play a key role in enabling women to achieve financial security

Employers are uniquely positioned to support their employees’ financial well-being. Most of an employee’s financial life is tied closely to their employer as the primary source of income and benefits. This statement is especially true for women employees. Wilkerson agreed, “Employers absolutely play a role. As the head of Human Resources, I work very hard to ensure that there’s no pay gap between men and women. We’re also bringing in resources like seminars and courses on financial planning for our employees since money is a top stressor for them. Employers need to equip their employees with the tools to make good financial decisions.”

Wallace reiterated the importance of mentors and sponsors in the workplace, “Companies must make sure their women employees have access to mentors and sponsors, who can help with their careers, such as navigating promotions, salary negotiations, and other opportunities within the company. There’s a lot that companies can do to create stability for their women employees, which helps our community.”

When women are financially secure, families and communities thrive. As companies and HR leaders focus on employee well-being, offering resources and tools to improve employees’ financial well-being is not only the right thing to do―it’s a strategic imperative. It’s especially true for women employees. Financially secure and confident women tend to be more productive and engaged. Creating an inclusive culture where women employees are supported to do and feel their best will go a long way in creating a workplace where employees thrive and do their best work―ultimately achieving great business outcomes.

Watch the on-demand recording today.