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GRAND RAPIDS BUSINESS JOURNAL
NOVEMBER 1, 2021
COMMENT & OPINION
GUEST COLUMN Anastasia Wiese
Wine, women and money: sharing financial know-how
I
n Grand Rapids, just before the pandemic arrived, a small group of women met and carefully broached a taboo topic: money. It wasn’t an easy discussion, sharing salaries, family finances, retirement plans and investments, topics usually considered to be the ultimate in private information. But the insight and encouragement we gained from each other during these sessions about women and money ended up leading to raises and promotions for all.
“I believe that for a woman there is more to financial management than hitting a certain return on investment. It’s about funding a life that has meaning for her.” Anastasia Wiese With 21st century women more and more often responsible for money at home and on the job, we need to build confidence in our ability to steer finances. It’s time for women to pull back the curtains on our financial lives. When women share information about career and finances, goals, hopes, dreams and, yes, fears, we can find crucial support that we need for success. Women and money Research in a 2020 report by McKinsey & Company Financial Services showed that by 2030, women will control much of the wealth being left behind by the Baby Boomer generation — estimated at $30 trillion. In addition,
Boston College’s Center on Wealth and Philanthropy study in 2009 estimated that women will inherit 70% of the money flowing down over the next two generations. Women also are making more money at their jobs. About 6% of women earn $100,000 or more annually. And the number of women business owners went up by 21% from 2014 to 2019, accounting for $1.9 trillion in revenue, according to the State of Women-Owned Businesses Report. Yet, Swiss bank UBS noted in 2019 that while 85% of women control their families’ day-to-day finances, few make long-term financial planning decisions. In the U.S., women and money were legally separated for centuries. While single women and widows had more financial control in early America, it wasn’t until the 1960s that married women were permitted to open their own bank accounts, without their husbands’ names on the account. It was the 1970s before a woman could get a credit card in her own name, without a male co-signer. So, it’s not surprising that even today, women are less confident when it comes to handling money, according to Global Financial Literacy Excellence Center data released in March. Women with financial confidence We need to build confidence in the driver’s seat. How can we do this? By learning, sharing ideas and creating a better support system for women to push for more in their careers. Women need to create safe communities to empower each other’s financial expertise. Friends, relatives and mentors can become financial doulas for each other by learning, sharing ideas and creating a better support system for career management.
I believe that for a woman, there’s more to financial management than hitting a certain return on investment. It’s about funding a life that has meaning for her. Right now, the general consensus is that the financial services industry is falling short of women’s expectations. Why does it take a traumatic experience such as divorce or widowhood for a woman to be put in the driver’s
seat? It shouldn’t. Most of my professional women friends are in control of their household finances and outearn their husbands but are shy to talk about compensation structures or ask for what they want in terms of benefits, compensation or professional advancements. About a year-and-a-half ago, CONTINUED ON PAGE 21
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GUEST COLUMN Rosalynn Bliss
Veteran caregivers are hidden heroes
G
rand Rapids could not be prouder of the brave men and women in our community who have served our nation, and we are committed to providing our veterans with the support needed to not only return to civilian life, but to live fulfilling, meaningful lives right here in our city. In October, we were proud to open the Grand Rapids Home for Veterans to provide long- and short-term care for veterans. This is a historic milestone for Grand Rapids that was six years in the making. Another critical way that Grand Rapids is committed to bettering the lives of its veteran community is by improving veterans’ care in their own homes. Working alongside the Elizabeth Dole Foundation,
our city is part of a growing list of municipalities joining the Hidden Heroes Cities and Counties program to support and uplift veteran caregivers, and we are proud today to recognize the Elizabeth Dole Foundation’s most recent initiative, the “I Am A Caregiver” campaign. Military caregivers are the spouses, parents, siblings, children, or friends that put their own lives aside to provide daily care for a beloved servicemember at home. Michigan is home to more than 575,000 veterans, and many have returned from the different eras of war, including the war in Afghanistan, with battle scars — both visible and invisible. And veteran caregivers have been there every step of the way, working purely out of love and devotion to provide daily emotional and physical support. This comes in the form of managing prescriptions and doctor’s appointments, advocating for proper care, navigating trauma, assisting with disabling wounds and injuries, and more. There is no doubt that being a caregiver is a necessary and heroic job. On top of that, it also can be isolating, overwhelming, exhausting and all-consuming. Unsurprisingly, this often leads to mental
and personal health challenges for caregivers. And as community members, it is our duty to ensure veteran caregivers feel supported and know that they are not alone in this journey. After all, improving a caregiver’s experience and empowering them will only lead to a healthier, happier veteran and community at large. Through the I Am A Caregiver campaign, it is our goal to empower these crucial caregivers and members of our community to self-identify and help them access the resources and support system that is available to them. Since her husband, Sen. Bob Dole, was hospitalized at Walter Reed Medical Center in 2011, Sen. Elizabeth Dole has been a champion for military caregivers, bringing together caregivers, advocates, Veterans Affairs personnel, and more to break down communications barriers, share best practices, and educate
community leaders, policymakers, businesses and individuals on the issues military caregivers face. We all must continue doing our part to increase awareness and support for our veterans and their caregivers. I hope that the hidden heroes across our state will hear our calls to feel empowered and join our support network to help navigate a post-service life. Veterans returning home, their families, and their caregivers all have made great sacrifices for our country, and they all need to be recognized and supported. Please join me in this effort at hiddenheroes.org. Rosalynn Bliss is the mayor of Grand Rapids. CORRECTION In the Oct. 18 Business Journal story “SxanPro secures medical device patent,” Ashlea Souffrou’s first name was misspelled.
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