Insight: Gender Differences in How Young People Learn About Finances and Their Willingness to Take Financial Risks
By Julie Anderson
IDEAS IN THE INSIGHT YOU CAN PUT INTO ACTION
When talking with their kids about financial topics, parents should avoid traditionally defined gender roles that may influence saving and investing behaviors over the long term. Until the time that these gender differences dissipate, financial professionals can encourage consumers, especially women, to include protected lifetime income plans when planning for retirement. Protected lifetime income plans fit with women’s lower risk tolerance and can decrease the chance that women will outlive their retirement assets. Finally, given the importance of parents’ role in socializing their kids about financial literacy, policymakers can design programs that encourage parental participation in financial education at home.
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About the Author
Julie Anderson, MPP, MBA, is the founder and a principal of AG Strategy Group, a strategic consulting and writing services firm. Previously, she was COO and a Managing Director at Civitas Group and Associate Partner at IBM Global Business Services. She served as Acting Assistant Secretary and Deputy Assistant Secretary for Policy and Planning at the U.S. Department of Veterans Affairs. She earned her MBA from Duke University, has a Master of Public Policy from the University of Chicago, and is a graduate of Nebraska Wesleyan University.