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Millennial Personal Finance Expert Discusses
How Its Not Just Pay Where Women Are Getting Squeezed
Women are being squeezed on both ends of the financial spectrum, and that has profound effects for their finances. The Institute for Women’s Policy Research reports that women make .80 cents for every man’s dollar as of 2015. That men – on average – are paid more than women will not come as revelation to most people. What many people may not know, however, is that women are also holding two thirds of all the student debt in the United States, according to the American Association of University Women.
Despite the fact that women have more student debt and make less money than men, online personal finance company SoFi has found that their women members pay their debt off more quickly than men—by nearly 10% (9.3% exactly).
However, paying down that debt may be coming at the cost of investing aggressively for the future. SoFi found that men contribute 6.6% of stated annual income, compared to women at only 5.4%. and men tend to be more aggressive with their investment strategies, with 53% of males choosing the most aggressive plan versus 38% of females.
During this interview Erin Lowry, a millennial personal finance expert, will explore these gender gaps in finances and tips for how young women can take steps to secure their financial future.
INTERVIEW WITH: Erin Lowry is a millennial personal finance expert, speaker, and author of the book, “BROKE MILLENNIAL: Stop Scraping By and Get Your Financial Life Together.” The book is a step-by-step guide on how to go from flat-broke to financial badass. Lowry uses wry humor and hilarious true stories to keep readers entertained. She’s been featured by CNBC, CBS Sunday Morning, The Wall Street Journal, USA Today, Fox & Friends, Cosmopolitan Magazine, NBC News, New York Magazine, MarketplaceMoney, and U.S. News and World Report.
SUGGESTED QUESTIONS:
· It comes as no surprise that among millennials there is still a pay gap between men and women. How does this affect women millennials who are then mired in more debt?
· SoFi has found that women in their data set pay off their debt more quickly than men – why do you think this is – especially since it seems counterintuitive to a study released earlier this year, which found that women take two years longer on average than men to pay off their debt, thanks to the gender pay gap?
· What are some strategic steps to help millennial women tackle student loan debt?
· How can women increase their financial security even in the face of the gender pay gap?
· What can women do to make more of the money they earn?
· Where can our viewers/listeners go to for more information? (www.sofi.com)
CONTACT:
Lauren @ 908-301-0819
This interview opportunity is provided by SoFi.
Additional info:
Data on Women and Investing Habits
56% say fear holds them back from investing, though they do want to start
53% have an emergency savings fund set aside (that covers 3-6 months of expenses)
70% review their bank accounts at least once a week
Almost half of participants would use a $10,000 bonus to pay off debts
Top savings goals for Millennial women:
Emergency fund
Vacation
Down-payment on a house
Almost 60% of participants have extra money to invest after they pay their monthly expenses, and millennial women look at investing as a route to future stability and the flexibility to pursue their passions