I recently interviewed Carrie Schwab-Pomerantz, board chairwoman and president of the Charles Schwab Foundation, whose mission is to help people become financially fit through education.
Q: What has your experience taught you about how women approach financial issues?
A: Women are more likely than men to lack confidence in financial matters and to be less engaged in making financial decisions. This has changed some over the years with the rise of 401(k) plans and women in the workforce, and that's a positive trend. But I'm not sure we're as engaged as we should be versus our male counterparts. In Schwab's Modern Wealth Index (which tracks how well Americans are planning and managing their wealth), 67 percent of women said wealth meant having good physical health rather than having a lot of money. But money is critical to our physical security.
Q: How do you address this situation?
A: It's important to focus on financial programs for women to help them gain more confidence. We host women-focused educational events, generally small workshops designed to feel informal so that people feel comfortable speaking up and asking questions.
Q: You say this kind of education should start at an early age?
A: One of our surveys showed that when families have conversations about money with their children, they talk differently to their sons and daughters. To their daughters, they emphasize saving and budgeting. With their sons, they are more likely to discuss investing and estate planning. My female colleagues in the financial industry all had family members who talked to them about investing, so it's important to treat daughters and sons the same.
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