Our Chicago: Chicago Women in Trades Director, Wealth Management Expert Discusses Women’s Personal Finances and a Recent US Bank Study

CHICAGO (WLS) — Until the passage of the Equal Credit Opportunity Act in the 1970s, a woman’s credit application could be denied if her husband did not co-sign.

Since then, women have become breadwinners, investors and more secure in managing their finances.

New research from US Bank found that in the past two years, the percentage of women who feel confident they can afford retirement has risen to 57% compared to 48% in 2020.

But women have their own financial needs and concerns.

“Over time, women have not made as much money as men. Yet, on average, they outlive men by an average of almost five years,” said Krista Linn, Director and Senior Portfolio Manager at Bartlett. Wealth Management CFA. “So we see it as a much more complicated process and financial planning becomes not only a learning experience, but we have to make sure that the income they have lives as long as they do.”

Linn said women have more questions, too.

“We find that women come to us in the planning process and they’re not only worried about their own needs, but also about their parents and the cost of aging in this country. And health care costs. And they’re worried about their own needs. And insurance costs. And they can come to us and talk about their children and the levels of debt that their children have and how they can manage that,” Linn said. “They’re also worried about their grandchildren’s college costs. They also have questions about charitable contributions or ESG investments: environmental, social and corporate governance. They want to know that their portfolios are managed with their values.”

Our Chicago Part 2

For our second half, we spoke with Chicago Women In Trades Director of Communications and Marketing Sharon Latson-Flemister. It is a non-profit organization that works to ensure that women who want a career in the trades can have one. She told us that some of the main ones women are interested in include electricians, carpenters, blacksmiths, and pipefitters. But according to Chicago Women in Trades, women make up only 3% of the 220,000 people in Illinois who work in trades. She said that since it is a career, there are certain benefits that women who work in the trades can receive.

“Some women just don’t know this is a career,” Latson-Flemister said. “The health care you get, the pension plans and this is really a career.”

But she said it’s not for everyone.

“It has to be someone who says ‘I want to get out of the norm, I love working with my hands and I don’t mind being outdoors,'” he added.

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