Don’t give up if you get a no. Ask for non-money perks: flextime, a new title, pay reevaluation next quarter, or mentorship by or a project with a senior exec. They’re valuable in themselves, but they also get your boss in the habit of saying yes to you, and that will help you get that raise next time. Remember, this is a lifetime gap you’re working to close!
You also need to work harder sometimes in order to get recognition or get same bonuses. It might also be harder for you to find a mentor at workplace, but again you could solve those problems by working hard, finding mentors outside of workplace or developing mentorships slowly at work through developing your own brand and consistently proving that you are reliable.
The other reason you need to be investing for retirement is that even if you did save every dollar you needed, by the time you got to retirement, the value of money would have fallen and you’ll need more dollars in order to maintain the same standard of living you’d enjoyed previously. The reason for that? Inflation, which raises prices by, on average, 2% or 3% annually. That’s why a gallon of milk might have cost $0.35 when your grandmother was a child and why it now costs $3.50. Here is a visual representation of what inflation does to the value of money over time:
MS. CRONSTEDT: But it's, it's a field that I'm very, very passionate about, and as we've been talking today, like what does it take for women to be successful or the communities to be prosperous? Well, it takes that you can have a choice. It's all, it's about the choice that you can have, that no mother and no parent/family should be forced to stay at home with their children just because they couldn't afford it. You know? I have three boys in like three years. Like having the money in preschool it would have been so extremely expensive that I maybe and probably wouldn't have been able to take that risk. I wouldn't have the financial means. So, that is a real, it's a very, it's a gap that I'm very interested into looking into very deep, and try to do something about.
“My biggest advice to women who want to save more money is to make more money,” said financial expert Nicole Lapin, the winner of GOBankingRates.com’s 2015 Best Money Expert competition. “When you stop looking at your financial life as something of deprivation and more of something as aspiration, that’s when you actually feel comfortable of taking control of your own finances.”
Take on less risk. Women are more likely to have their savings allocated in a more age-based allocation of investments than their male counterparts. In fact, looking specifically at Fidelity retirement savings accounts over the last three years, the percentage of women allocated appropriately for their age has increased by approximately 40 percent. Furthermore, fewer women have their savings fully invested in equities than men (which could represent too much risk and not enough diversification); and women are more likely to invest in target date funds, ensuring they are well diversified.
Consider a male slugger who puts $1,000 each into two speculative stocks versus a female lead-off hitter who invests the same amount in two dividend-paying blue-chip stocks. The high-quality stocks each return 10% over the course of the year, leaving the female investor with $2,200. Meanwhile, the male investor hits a home run with one of his picks, which doubles, but strikes out with the other, which loses 90% of its value. His total after a year is $2,100. 

At this age, women are usually married and might even have children. They have the additional responsibility of caring for a family. Women must remain invested in Mutual Funds and should also hold Life Insurance policies. One Life Insurance policy for each earning member in the family is a must. It is also important to invest for your children’s future. Mutual Fund Systematic Investment Plans (SIP) are a good way to start. You can, of course, choose the Sukanya Samridhi Yojana, if you have a girl child. And you can choose to invest in real estate. However, it will be prudent to buy a home to live in before investing in real estate. Taking a joint Home Loan will give you higher eligibility. Some banks give concessional interest rates to women. Make use of this.
Then I had a second child about two years later and I would say after I delivered him, that's when I started to really think about what could I do and how could I do it. I was able to visit, while pregnant with my son, I visited Central America, which is where my mother is from, with CARE, the non-governmental organization. And in all of the visits that we did during the time that I was down there with them we came across One Water Program. It was a clean water project, and a lot of women were coming to get access to clean water, and getting like a little bit of ante-natal care or a little post-natal care while they were there. And because I was pregnant and because so many of the women were pregnant or had small children on their backs that's where I had the "Ah-ha!" moment of had I had my daughter in this community, far away from a hospital or, you know, paved roads, or clean water and sanitation, or you know, there were so many factors that I could see how it could have played out very differently had I been there or anywhere else for that matter.
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Investing itself, we’re in favor of. (You might have picked up on that, since we’re a company named Ellevest.) Especially investing in low-cost, well-diversified investment portfolios. That’s because — we’ve said it before, and we’ll keep saying it — we really, really need to fix the gender investing gap. Women don’t invest as much as men — we keep 71% of our money in cash (in other words, out of the market). This is part of the reason that we retire with two-thirds the money of men (even though we live longer).
The most important thing you can do to change the investment gap is simple: Educate yourself. People who understand investing are less likely to be intimidated by it and more likely to do it. It’s not hard—you’re not trying to become a derivatives trader. You want to know whether you’re on the right financial track. Check out the articles on Investopedia or anything from Ron Lieber at The New York Times. (The one on how to win at retirement savings is great.)

When_the_Pawn:Fair point. A lot of the people i know who are just starting out, men and women, have a hard time finding a good balance. but I also think mistakes are less easily forgiven when you're a woman.Also, I always see guys on here complaining about "drama" from female coworkers and I have not once experienced that, and I used to work in an almost totally female dominated industry....
And I'm thrilled to be joined by some of our past mentees and current mentors for a discussion really about the power of partnership. You know, I think that there's something really profound going on in our world today, and I think that if you look around the world, and it was echoed in all these discussions that we just had, that women are really reaching the highest levels of leadership. And I think they're getting there and they're realizing that, you know, they came a lot further than they anticipated. They have a lot more power, they have a lot more reach than they ever thought would be possible for them in their lives. And the first thing they think is, "How am I going to give back? How am I going to pay this opportunity forward? Engage more people?" And they don't just want to write a check, they really want to give of their time and their resources. They want to open up their networks.

While millennials are taking a goal-oriented approach toward their retirement, they align with Americans overall in thinking they could be more proactive. Nearly half (48 percent) of Americans say they are most insecure about some aspect of their finances (financial future, retirement savings or income), with retirement savings (21 percent) being one of their top insecurities, ahead of their personal relationships (10 percent), judgment of others (6 percent) and career path (4 percent).


You have to be maxing out your retirement contributions and be on track to replace at least 70% of your income at retirement. Why? Three reasons: 1. So you get the maximum tax advantage, 2. so you save as much as you can for retirement every year, and 3. so you are confident that your retirement savings are on track to give you a “comfortable and content” retirement. (Find out how we define “comfortable and content” here.)


When it comes to the day-to-day decisions of their bosses, women describe environments that are biased against them. Though some men do report observing bias, far fewer of them see it than women do. Women (9 percent) are about twice as likely as men (4 percent) to say that they see their company’s management withhold opportunity or promotion from women. Women (8 percent) are also about four times as likely as men (2 percent) to believe women are excluded from networking and social opportunities, such as after-work drinks or golf outings.
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Simply put, women don’t invest as much as men do. And they don’t invest as early as men do, either. Of all the assets women control—both inside and outside their portfolios—they keep a full 71% in cash, according to a survey by BlackRock, whereas men hold 60%. Cash may feel like zero risk, but it also has zero potential to grow as stocks do over time. And even with low inflation, the purchasing power of that cash will decline over time. So the price of certainty you get with cash is high.
Once I asked my dad a question who is an entrepreneur, “Do you think women are treated differently from men in work field?” He said, “No, as an owner of a company, we explore the full potential of every employee and make sure their talent is best used. Otherwise, why should we hire a person and why do we waste our money?” This dialogue between my dad and I partly illustrates the expectations of an employer — it’s not the gender that matters. It’s the capability that matters. Then, we talked about the status of women in China. We both believe that the status of female employee is increasing. But this doesn’t mean inequity has been put to a stop. Instead, more and more people come to speak out about their unfair experience. Even then, it is still a global problem that women are rejected due to stereotypes.
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