A wealth tax proposal is an easy sound bite for lawmakers and even some of the more conservative Democrats have voiced tepid support for taxing the rich, said Diane Boyle of NAIFA. “There are a trillion-plus dollars of tax increases that as Congress is trying to push legislation forward. This is what they’re going to pull from because they know the administration supports it,” Boyle said.
U.S. Bank first released its Women and Wealth Insights Study in March 2020, a survey that showed women were less confident and less engaged with managing money than men, generally started investing later than men, and tended to associate negative emotions with financial planning. The most recent survey conducted in March 2022 demonstrates that many of these gaps are shrinking.
Florida just became the largest state to require financial literacy for a diploma and several other states are considering similar measures or have laws on the books waiting to be enacted. But overall, adoption of the issue has proceeded at a snail’s pace.
A recent study by global management consultant Oliver Wyman concluded that if insurers sold life insurance to women at the same proportion of their income as men, $500 billion in new written premiums could be created. Another $25 billion in new fees could be generated if wealth managers invested women’s wealth in the same way as men’s in stocks and bonds rather than in cash.
Over the next eight years, an estimated $30 trillion will be amassed by women or passed to women through generational or spousal transfer. That whopping amount creates huge opportunities for financial planners but raises a plethora of issues for women who need to navigate their financial futures.
Roughly two-thirds of financial advisors (64%) now have a succession plan. Most of those without a succession strategy, about 56%, said they plan on creating one at some point in the future.
Catherine Collinson, CEO and president of the nonprofit Transamerica Institute and its center for retirement studies, revealed survey results this month that showed 51% of women respondents said their financial situation has been negatively impacted by the pandemic.
While overall a majority of those surveyed, 67%, said they’ve made no change in how much they’re saving, the rest of the survey was split almost equally between those who said they were saving less (17%) and those who said they were saving more (16%).
However unintentional or well-meaning they may be, microaggressions in the workplace should not be ignored or go unaddressed, said a diversity and inclusion expert at American Family Insurance.
According to a poll of nearly 2000 investment app users by The Penny Hoarder, two out of three (66%), said they started investing during the pandemic, and 67% said the pandemic was the reason they became more serious investors.
About 14% of respondents in the South said they were saving more while 31% said they were saving less. The Penny Hoarder attributed the small showing from residents in the South to disruptions in the tourism industry and lower median wages in Southern states compared with Northeastern states.
There’s never a lack of stories about advisors and the advice they offer. As in other years, 2021 was replete with predictions and proclamations about financial direction.
Programs to help fill the widening retirement savings gap – particularly among small-business employees, minorities and women – seem to be slowly catching on. But it’s still early to tell whether they will gain significant monetary and acceptance traction across the country, an industry panel said.
The report estimated that a 3.3% withdrawal rate was a more appropriate baseline for projections – an amount that could substantially lower a retiree’s proceeds.
Hospitalized for weeks in October, Steven Boyer, the principal and owner of Fiscal Fit Financial Services, a wealth management company in nearby Reedsville, Pa., walked out of the hospital still suffering some of the after-effects of COVID-19. But he also walked out with a list of new potential customers and referrals.
The financial services industry is overlooking or underserving a potentially huge and growing market according to a new study from the Center for Economic Empowerment and Equality, part of The American College of Financial Services.
