Paving the Path to Financial fulfilling: Addressing Financial Issues for C-Suite Women

Shari Rash
December 7, 2023
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In 2023, 25% of executive roles are held by women.

Only 8.8% of Fortune 500 CEOs are women.

It’s a numbers game, and we’re here to balance the scales.

How Gender Affects Women's Financial Stability

As we forge a path in the 21st century, marked by rapid technological change and persistent social evolution, the face of corporate leadership is also undergoing a welcomed transformation. Although the percentages are nowhere near equal, more women than ever are taking up the helm of organizations as part of the 'C-Suite' - the highest-ranking senior executives.

However, grave financial challenges persist for these influential women that don’t exist for their male counterparts. Greenway Wealth Advisory is dedicated to guiding these leaders through life’s financial hurdles, ensuring a sound platform for their continued growth and fulfillment.

As women in business, we’ve come a long way in showing up, speaking up, and scaling our way to the top. Still, we have a long road ahead of us.

New and old challenges arise as we create a more equal, empowering space for C-suite women. From personal to professional, they all tie back to the same issue: Financial planning and equality.

Critical financial issues extend well beyond gender. Men and women think about money differently. We spend, save and invest money differently and thus money affects us in different ways. It is crucial that women in the C-suite, just like their male counterparts, demand tailored made wealth management strategies.

Women in C-suite positions are forced to tackle hurdles that can get in the way of their career, wealth, and personal growth.

Of course, you know this more than anyone. But in understanding and exploring these struggles, we can find the financial advice, advocacy, and awareness we need to overcome them once and for all.

The most pressing issues leading the pack are the Gender Pay Gap and the Investment Gap.

C-Suite Pay Gap Between Men and Women

In 2020, women in C-suite positions earned $0.75 for every dollar men earned in the same positions. Unfortunately, this problem has only gotten worse. In fact? It’s at an all-time high since 2012.

This pay disparity creates an opportunity and confidence gap, limiting women from pursuing investment opportunities and financial freedom. The less money you make a C-Suite women, the less you have for your personal growth and future financial freedom.

Our Solution: Talk about it. Get the numbers, seek financial advice and know your worth. Education brings confidence. Find out how much your peers are earning and ask for more.  

While the pay disparity between men and women is a well-documented issue, the investment gap is perhaps a less-discussed yet equally critical concern. This gap is seen in the differences in the ways men and women manage their money.

Research suggests that women are less likely to invest and, when they do, they tend to be more conservative in their investment strategies. This cautious approach can manage financial risks, but it may limit the ability to grow wealth over time. Because of the cautiousness, C Suite Women may not take advantage of different investment options that could potentially allow them to build wealth, may delay or hesitate in making important financial decisions or second guess themselves financially. 

Financial Planning for Women

C-Suite Women feel like talk about money is “Taboo”. Let’s face it — money feels like a dirty word, especially at work.

Research shows nearly 1 in 3 women feel uncomfortable talking about finances. As a society, we’ve been taught to avoid this topic like the plague for the sake of privacy. But all this does is dim confidence, limit financial planning resources, and enable the pay and investment gaps.

It makes sense that women are uncomfortable talking about money, we were never educated on it and only the last generation of women were given the freedom to make financial decisions on their own. But, as a C-Suite woman, you need to get comfortable with money. You are a high income earner, and you can not let a lack of comfort be the reason you do not seek guidance and advice. 

Our Solution: Once again, talk about it. Start where it’s comfortable, whether in the home, with friends, or at work. You never know — speaking up may transform pay for you or the women around you.

Perhaps linked to the pay and investment gaps, women are also often at a disadvantage when it comes to retirement savings. Women tend to outlive men, which makes retirement savings even more critical. We need more money saved to last for a longer period of time. To address this, Greenway Wealth Advisory focuses on comprehensive retirement planning to ensure that our clients are able to retire how and when they want to. We work to prepare our clients for their financial needs in their golden years and beyond.

Another essential financial topic for Executive women that isn’t discussed is Estate Planning. The topic is often overlooked due to its complicated and emotional nature. However, it becomes increasingly salient for women approaching or even just entering higher executive positions, as wealth accumulation is likely to be on an upward trajectory. A clearly charted estate plan ensures the distribution of assets according to their wishes, minimizes estate tax liabilities, and accordingly secures financial futures for their dependents. If there are no dependents, what is the best strategy to distribute your wealth?

Executive Women Feel Societal Pressure

Financial challenges arise for women concerning childcare costs and general familial responsibilities. 

You rarely hear male CEOs talk about “choosing” between work and family. Yet C-suite women do.

The societal stress around career timelines and raising children as a woman can limit us from taking risks, seeking financial advice, and advancing in our careers. 

Our Solution: Set your priorities. Financial planning is key to deal with financial problems, but it isn’t just budgeting; it’s clarifying your goals (inside and outside the home), making smart decisions to achieve those goals, understanding your money so you can feel confident in your future.

It's important to note that navigating through these financial trials should not be a lone journey. Having a trusted wealth management partner can provide valuable insights, strategies, and security to work towards these challenges head-on.

We exist to address precisely the issues discussed above. Our committed team of wealth advisors work closely with our clients, comprehending their needs, and crafting a tailored financial plan. Regardless of the stage you’re in your C-Suite career, it’s never too early or too late to shape your financial future. After all, wealth management is not merely about the accumulated monetary value. It's about addressing financial independence, empowering your decision-making, and forging a legacy that may endure for generations to come.

Investing in Financial Planning Is Investing in Your Financial Future 

Financial literacy closes the gap. While you ask for more, invest more. Identifying investment opportunities, seeking financial advice, and setting wealth goals can scale your earnings and allow you to make more with what you have. As a result? You can have the time, confidence, and resources to climb that corporate ladder. Start the conversation with us today to talk about how Greenway Wealth Advisory helps women climbing the corporate ladder

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