FYI: June 27, 2019
Dear WEALTHTRACK Subscriber,
The economic might of women is large and growing. According to research put together by New York Life Investment Management, 51% of the personal wealth in the U.S. is controlled by women - an estimated $22 trillion worth. That number is expected to jump by 30% percent to nearly $29 trillion over the next 40 years as intergenerational wealth is handed over.
Women are the key financial decision makers:
96% of women have primary or shared responsibility for family financial decisions.
70-80% of consumer purchases are driven by women through buying power and influence.
40% of women are primary breadwinners in U.S. households.
30% of private businesses are women owned.
52% of management, professional and related positions are held by women.
Plus, the majority of higher education degrees are held by women, 57% of bachelor’s degrees, 60% of master’s degrees and 52% of doctoral ones.
Yet there is a gap in how women view and handle money.
The good news is they save a bit more than men, 9% of their salary versus 8.6% for men, but women score lower on financial literacy tests. The gap is small among Millennials but much wider among Gen-Xers and Baby Boomers.
Also, women invest less - by one study, 40% less.
When it comes to seeking advice from financial advisors women feel underserved and undervalued:
40% of women feel they are treated differently by investment professionals.
36% feel patronized.
30% feel advisors are less likely to listen to their investing ideas.
28% believe investment advisors unconsciously or consciously push women out of financial conversations.
This week’s WEALTHTRACK guest is determined to change this dynamic, and she is in a position to do so. We will discuss how.
Our guest is Yie-Hsin Hung, CEO of New York Life Investment Management, the investment division of New York Life, the largest mutual life insurance company in the U.S. Yie-Hsin oversees more than $550 billion in global assets managed by10 specialized investment management boutiques and a diversified mutual fund and ETF business in the U.S. Among the recognitions she has received is being named one of the 25 most powerful women in finance by American Banker in 2017 and 2018 and Person of the Year by Markets Media.
If you are unable to join us for the show on television, you can watch it on our website, WealthTrack.com over the weekend. If you’d like to see it earlier, it is available to our PREMIUM subscribers right now. In our regular online EXTRA feature, Yie-Hsin explains about her transition from mechanical engineering to the world of finance.
If you would prefer to take WEALTHTRACK with you on your commute or travels, you can find the WEALTHTRACK podcast on TuneIn, Stitcher, and SoundCloud, as well as iTunes. Find out more on the WEALTHTRACK Podcast page.
Have a lovely weekend, a super Fourth of July and make the week ahead a profitable and a productive one!
Best regards,
Consuelo
Regards,
Ted
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