The impending great wealth transfer looms large for women, poised to inherit trillions from previous generations. However, readiness is the question mark. Recently, at the Unlocked Foundation’s Women’s Wealth Summit: Champion Her, hosted at the EHP Resort in East Hampton, pivotal discussions unfolded.
The summit emphasized crucial topics: understanding one’s wealth and worth in compensation negotiations, advocating for promotions, mastering wealth management basics, and navigating corporate ladder challenges.
Bianca Benedetti, UBS' executive director and wealth management divisional sales manager, addressed a pressing issue: While women manage day-to-day finances confidently, long-term wealth planning remains a daunting concept. She pinpointed "the money taboo" among women — a reluctance to discuss finances openly without feeling either boastful or needy.
An alarming trend surfaced: Millennial women often defer financial decisions to spouses more than previous generations have, perpetuating existing disparities. Benedetti underscored, "We're juggling so much, yet even breadwinners defer crucial financial decisions."
The Unlocked Foundation, a nonprofit founded by women, stands dedicated to closing the wealth gap. Its summit united women and male allies to confront these challenges head-on.
While reflecting on the day's insights, the urgency of preparing for the impending wealth transfer resonated deeply with me. The foundation's mission to empower women through education and financial control couldn't be more vital.