In honor and celebration of Women's History, CNBC hosted Women and Wealth | Empowering Women to Reach New Financial Heights — a Twitter Spaces conversation with some of the leading female voices in the finance industry.
The pandemic has disproportionately affected women, forcing many to choose between their careers and caring for loved ones. Mothers are more than three times as likely as fathers to take on more housework and child-care responsibilities during the pandemic, according to September's "Women in the Workplace" report from McKinsey and LeanIn.Org.
Studies show that women not only live longer than men but are also outperforming them in investing. A study by McKinsey shows that investable assets controlled by women are expected to rise to $30 trillion dollars by the end of the decade, presenting a huge opportunity for women to increase their wealth.
Jean Chatzky, CEO of Her Money Media and host of the Her Money podcast, said the first step to getting one's finances in order is understanding that you can only commit to one thing at a time. "You can't run a marathon and fix your financial life and get a new job and fix your relationship all at one time and get organized, right? That is just not going to happen," she said. "You've got to pick one thing to go after. The skills that you build mastering that one thing will actually apply to the skills that you need to master the next thing."
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She added: "Women are great investors, right? If you look at any study, women outperform men by about one-half of a percentage point and that doesn't sound like a lot. But over a lifetime it adds up to a lot of money. And so, if you're not doing it, it's time to start."
To listen to the full conversation, click on the link above.
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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.