Just in time for America Saves week, February 21-25, 2022. Synchrony Bank convened a candid conversation among female executives about how important it is for women to set savings goals.
“Women face so many financial challenges,” explains SVP Samantha Melting, who serves as Synchrony’s Head of Consumer Bank. She cites the pay gap, how many women leave the workforce to care for kids and elderly family members, and the fact that women tend to live longer than men, which means more money is needed to fund longer retirements.
“Start with sall savings goals because small changes yield big results,” suggestis Melting. “It an be as simple as, ‘I want to save $25 out of my next paycheck. And I want to do it with every paycheck,'” Building an emergency fund is a good first goal, she adds, if you don’t already have the funds to tide you over (if unplanned expenses crop up. “Save $500 in an emergency fund. After that, set your next goal–maybe it’s starting to save for retirement or for a big purchase. What’s nice about setting savings goals is that, yes, you’re setting an intention, but you’re also holding yourself accountable.”
For more valuable advice about how women can save, listen in on Melting’s conversation with Synchrony executives Mariana Coontz, Callie Merritt-Jones, and Amer Medina. Go to synchronybank.com/millie/why-women-need-to-set-savings-goals.