Women & Wealth
Approximately 60% of First State Trust Company clients are women. Many of our clients are thrust into the role of being the primary manager of their finances after their loved one dies. Trusts and wealth can be complex. We understand that it is not easy to trust everyone and that all of this can be a daunting task.
Whether it’s reading your trust document (it’s written in legalese after all), reading your account statement, creating a budget for the first time to request a discretionary distribution, learning more about the taxation of trusts, or just being a friendly voice to talk to, First State Trust Company is here to help. That is why we created our Women & Wealth page. It is designed to provide additional support and information to our female clients who heretofore may have been underserved. We will be focusing on topics that we think will help women but certainly can be utilized by all. It is developed by women for women.
News & Noteworthy
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Did You Know?
- More than 40% of women are the primary breadwinners for their families.
- Another 22% are co-breadwinners alongside their spouses.
- Women control more than 50% of the US personal wealth.
- Women tend to own more diverse portfolios, trade less often and incur fewer fees, less
likely to panic sell in a downturn than men.
- By 2030 Women will control 2 / 3 of Private Wealth.
- By 2028 the average American woman is expected to out-earn the average American man.
- 2/3 of women believe they have more opportunity to tackle societal issues
through impact investing versus just over 1/2 of men.
- 45% of American millionaires today are women.
- 9. 1 million women-owned businesses in the US are generating $1.4 trillion in revenue.
- Women tend to live longer.
- Many women are comfortable handling the day-to-day management of their households but end up
deferring to a partner when it comes to long-term financial planning.
- 70% of women over 75 are divorced, widowed, or never married.
- Women are 2.5 times more likely to live in poverty and 5 times more likely to depend on social security in retirement.
- Of women aged 21 to 64, only 45% participate in a retirement plan and have 50% less in their retirement accounts than men.
- Women tend to spend fewer years in the workforce because they are more likely to raise their children.
- Women tend to hold more cash than men and invest less