Welcome:

Women make up 47% of the total US labor force and have branched into almost every area of industry from technology to the arts.[1]  They are 56% of all college students for the last 18 years.[2] For almost a decade, women have earned more graduate degrees, both master’s and doctoral degrees, than men[3]. But as women earn more space in the professional world, there is still a lag in the financial literacy amongst women. More than 80 percent of older women participating in a 2017 study couldn’t pass a retirement financial literacy quiz.[4] Among Millennial women only slightly above 15% have a high financial literacy while their male counterparts’ range nearer towards 30%. [5] This lack of financial literacy is coupled with women having less financial ability to recovery from divorce[6] and more than half of female workers being inadequately prepared for retirement[7] even though US women on average live 5 years longer than men[8].

So as a special theme for 2019, I am focusing on Women’s Financial Empowerment. Men, you are welcome to join us this year’s financial literacy work!

My belief is that knowledge and planning gives people financial empowerment. As a woman business owner and financial advisor, I feel like it is my privilege and duty to help other women on their journey towards financial freedom.  My own parents lacked the knowledge to teach me about the basics around making solid financial decisions. I believe that this might be true of many women out there as well.  I wondered at first why they just totally omitted this important knowledge, and then one day it dawned on me you cannot teach you what you don’t know.

So, let’s remove the fear, open the door on financial knowledge, work on improving our money skills, and feel the empowerment of taking control of our financial decisions.

I look forward to this journey together!

 

Best,

Faye Sykes

Faye  may be reached at 800.871.1219 or fsykes@scarletoakfs.com.

Citation:
[1] https://www.dol.gov/wb/factsheets/qf-laborforce-10.htm
[2] https://www.cnsnews.com/news/article/terence-p-jeffrey/women-earn-57-us-bachelors-degrees-18th-straight-year
[3] https://www.aei.org/publication/women-earned-majority-of-doctoral-degrees-in-2017-for-9th-straight-year-and-outnumber-men-in-grad-school-137-to-100-2/
[4] https://www.annuity.org/financial-literacy/women/
[5] https://www.annuity.org/financial-literacy/women/
[6] https://www.theatlantic.com/business/archive/2016/04/the-divorce-gap/480333/
[7] https://www.moneywise.co.uk/news/2018-03-08/more-half-female-workers-unprepared-retirement
[8] https://www.marketwatch.com/story/women-live-longer-than-men-everywhere-heres-why-2018-10-22