WOMEN FACE FINANCIAL RISKS
Editorial in the Delaware State News
By Jack Markell
December 26, 1999
We can't escape the press reports: the economy is growing briskly, the NASDAQ continues to outdo itself, Americans are optimistic that the boom will continue well into 2000. More people than ever are invested in the stock market, thanks to their retirement plans
.
Whether we struggle to pay the monthly bills, seek to refinance our home mortgage or trade on the Internet, we are all affected by dramatic changes in the financial sector. But women in particular tend to carry vulnerabilities that can put them at financial risk.
First, many women spend considerable amounts of time out of the labor force as they care for children or elderly parents. Second, women earn less than men do - and this is true at all education and age levels. Third, women save a smaller portion of their income than men do. Fourth, women invest more conservatively than men do - and during the bull market of the last fifteen years, that has been a disadvantage. Finally, women live longer than men do, so their money has to last them longer.
Considering these issues, it's probably not surprising that the response to Delaware's first Everywoman's Money Conference was overwhelming. I hosted that event at Clayton Hall in Newark in November, and more than 800 women attended. They represented a cross section of Delaware society, from all parts of the state, all income levels and races.
The conference was free, thanks to the generous support of Delaware companies.
The purpose of the day was simple: to help give women the information they need to take control of their financial lives. At the conference, they heard from motivating speakers and attended breakout sessions on topics including money management, investing, retirement planning, taxes and insurance. And they left the conference with a terrific 64-page curriculum guide on financial issues as well as lots of specific action steps. The second conference is scheduled for November 11, 2000.
In the meantime, we are following up with the Money School, which is designed to take specific financial courses into the community - civic associations, community groups, faith-based organizations and the like. The classes are taught by financial professionals, cover a wide range of topics and are often free of charge. Information can be obtained from my office at 800-675-8600. Or to view the course schedule on line, go to
www.greenpurse.com and click on the Money School.
As State Treasurer, I believe it's important that all of our citizens make the most of their financial resources. The better they do, the less of a burden they will place on other Delaware taxpayers. That's why I'm so excited about the conference and the Money School, as well as the Delaware College Investment Plan (an easy and tax-advantaged vehicle for saving for college) and our effort to promote financial literacy in our schools.
Promoting financial literacy in Delaware is a core element of my mission as Delaware's State Treasurer. Learning the basic tools of financial management and planning means real dollars for Delawareans and for Delaware.
