LITTLE ROCK, Ark — Research shows women traditionally invest and save less than men. In fact, the women's wealth gap means women "own" or save 32 cents on the dollar compared to men.
It’s mistake a lot of women don't realize it until it's too late. However a group of women in Arkansas is looking to change that.
Anna Beth Gorman, 37, is a busy mom of two and the Executive Director of the Women’s Foundation of Arkansas. She balances her personal life with her work life while looking toward the future for her and her family.
“The best gift you can give yourself is the gift of savings and doing it early,” Gorman said.
It's that mindset that got her involved with helping other women look toward their futures. Now she's part of raising awareness about a group that shares the same goal.
“Save 10 was born out of the realization that a lot of women will start saving if they’re just asked to do so,” Gorman said.
Stephanie Matthews is a volunteer for the SAVE 10 campaign, which empowers women across Arkansas to save for life and retirement.
“I think for a lot of women, having conversations about money is really uncomfortable. It’s not something we were taught to talk about growing up and so part of the mission of Save 10 is to really normalize conversations around finances and around savings,” Matthews said.
In short, the campaign urges women age 18-30, to save 10 percent for retirement. The goal is to have 10,000 women committed to saving 10 percent by the official kick-off event on October 10th.
“We recognize that everyone is different. Maybe 10% is not doable right now, but we think it’s important that women know sort of what to strive for so that, as they think about, ‘what can I put in 401k?’ and ‘what can I do with my emergency savings account?’ there is at least sort of a guide,” Matthews said.
Another part of the campaign is to get employers across the state on board.
“If they need someone to speak to their employees about why Save 10, then that's something we can do through our network of volunteer speakers,” Matthews said.
For Gorman, learning how to save has changed her life now and for the future and she is eager to teach other women how to do the same.
“We could be the state that is really changing this conversation for women by helping them understand what can you do for yourself today that benefits you tomorrow,” Matthews said.
For more information on Save 10 and upcoming events visit the group’s Facebook page.