HARRISBURG, Pa. (WHTM) — Recently launched, “Investing in Women” was created for many reasons, one of which is because the number of Pennsylvania women saving for retirement or investments is lower than the national average.
Banking and Securities Secretary Robin Wiessmann believes that is an issue “with women having lower average salaries and wages, lower lifetime earnings, [but] they often live longer than men.”
That can point towards needing more money for retirement, which can be additionally tough for a woman in a state where women earn around 80 cents for every dollar a man makes.
“Women as we know, are more likely to take time away from work to raise children or to be the caregiver of other family members. This means they have fewer years with income to put into a retirement savings plan,” Wiessmann said.
The goal is to help offset that gap by providing more accessible information about banking, credit, and saving.
There are three components to the “Investing in Women” initiative:
- financial education presentations
- A study on women and finances
- A financial capability forum in May with financial experts
“We want to hear directly from those who are affected about what tools, resources, and skills are needed,” Wiessmann said.
The Pennsylvania Coalition Against Domestic Violence is part of the initiative as well, saying 99% of abusive situations hold a financial aspect and that the program will help against that.