Money and finances are never an easy topic to talk about, but when it comes to women in the field of finance, the conversation is needed more than ever. That’s why ModernWell partnered with Groove Capital and hosted an important conversation about money and impactful investing.
The panel, moderated by ModernWell Advisory Board Member Stephanie Pierce, female financial advisors and angel investors, sat down via Zoom on Tuesday, May 25th, to discuss their paths in finance and investing, while also taking note of how the predominantly male-dominated field functions with women.
The session aimed to help its participants think more broadly about their personal wealth and how to manage various financial situations.
Jayne Ellegard, who served as one of the panelists, founded Ellegant Wealth, which focuses on empowering women to take control of their finances. When discussing her passions and what drives her within the field, Jayne noted that it is critical for women to understand the fundamentals of personal wealth. Statistically, eight out of ten women end up on the journey of personal wealth alone, half of all marriages end in divorce, and the average age of widowhood in the United States is 59.
Throughout the virtual event, the panel of five discussed how oftentimes one’s relationship with money is developed early in life, even as young as seven. The panelists shared their spending and saving habits from their childhood and reflected on how it has affected them still to this day. The conversation throughout the hour shifted to how women should always take part in the financial process, regardless of their relationships around them. It was emphasized that every woman is susceptible to find themselves in a situation where they are in control of their finances but do not know the basics.
A key component of the conversation among the financial experts was that although there is always room for women to learn about finance and investing, it is also critical to unlearn some of the potentially unhealthy or unbalanced habits people tend to possess in relation to their finances. For example, panelist and ModernWell member Angi Rassi brought up how women are more likely to donate their money, rather than invest it, which furthers the void between women in the world of finances and the stock market. According to Angi, approximately only 26% of women invest in the stock market.
Overall, it was a fantastic conversation, as the panelists and the event participants were able to candidly discuss the often uncomfortable topic of money and investing. One of the biggest takeaways of the event was that money ultimately creates choices for people. From where you want to live, what kind of job you want to work, or how much money you want to donate and/or pass on to your children or loved ones, it all depends on how you manage your finances and maintain your personal wealth.