Women rely on each other for career and financial advice

Women are feeling more empowered and confident in the workplace and beyond, and they're eager to spread the wealth. 

According to a recent survey by Fidelity, both financial and career confidence is growing among women, and they're increasingly offering support to other women to help them succeed, too. Fifty-six percent of women have taken concrete actions like offering a job recommendation or providing career and financial knowledge. 

This is an exciting trend, says Lorna Kapusta, head of women investors and engagement at Fidelity. A sense of community among women is a powerful tool to build confidence and create an environment where women are celebrated. 

"When women come together and support one another, good things happen — not just for them, but for all those around them," Kapusta says. "That's not just with their money, but their careers as well. And with that is recognizing that they want their money to work as hard as they are." 

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Women have typically fallen behind men both in their earnings potential and knowledge around finances. Due to factors like the wage gap, time off for raising and caring for children, as well as careers in lower-paying fields, it's estimated that white women with college degrees will make $850,000 less over the course of their careers than white men. That number balloons for BIPOC women and those with lower wage jobs. 

"This goes back to a mix of the historical and cultural journey that women have been on and are continuing on as we grow our careers and reach our full economic power," Kapusta says. "The reality is the pay gap between men and women is just a fundamental difference."  

And while there are signs of improvement, there's always more room to grow, Kapusta says. Fidelity's research found that 57% of women are comfortable negotiating their salary and asking what's important to them through compensation and benefits. Employers need to play a role in boosting that percentage as high as it will go, she says.  

"Although 57% is good, we want it to be 100%. We're brought up to not talk about money, and advocating can be seen as being more aggressive," Kapusta says. "We want to get to the place where, when we're going to work, we're talking about the things that are important to us and that the benefits and compensation are meeting our needs." 

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Employers can work to tailor their financial education and benefits communications to women specifically — at Fidelity for example, a focus on caregiving support and student loan repayment benefits are two areas where women are disproportionately impacted. Making sure women are aware of the help that's available to them empowers them to use it — and share with others. 

"When we talk about financial wellness, women approach money differently. It's very much from a goals orientation — how can I help those that are important to me and my family?" Kapusta says. "How do we look at individual needs of different clusters of groups where a different type of benefit may be able to be brought forward to further help them with." 

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Kapusta reminds employers that any financial wellness that impacts women will impact their entire family unit. Providing access to financial planners that help them create short and long-term savings plans, build their emergency savings or tackle any of their unique needs is an important component to supporting women at work. 

"Women are continuing to recognize that what's most important for them to be fulfilled and supported in their company is being aware and fully accessing the benefits and support that are available to them," Kapusta says. "When you have that equation in place, you're going to see the best output for your company, as well as happy and engaged employees."