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Advisers might want to consider the unique economic hurdles faced by women, two recent reports suggest.
It is well-documented that women are compensated at lower rates than men in similar roles and that they face the challenge of saving for longer retirements given their higher average life expectancies. But new research shows that Black and Latina women face greater financial challenges than white women, and that Covid-19 has hurt retirement prospects for women in general.
Reaching financial security can be more difficult for Black and Latina women in part because of lower overall wealth and a higher frequency of debt, a paper published last week by the TIAA Institute found. Contributing to those discrepancies are differences in education, employment, financial literacy and family structure.
2,669 The number of referrals the
Health Benefit Trust of Alberta’s program had in April 2020, three years after it was launched
The pandemic highlighted how important it is to have measures in place in a timely matter, she adds. “It definitely highlighted the need for a flexible strategy. There isn’t a one-size-fits-all solution and we needed to think beyond our current measures and fill the gaps in other areas.”
Ultimately, one of the organization’s key values is safety. In particular, since it’s an oil and gas company, Cenovus Energy has physical safety measures in place, but also aims to cover psychological safety. “That’s something we have worked on and we’ll continue to ensure we have in our organization.”