“We are so excited about the opportunity to partner with American Century,” said Angie Long, co-owner of the Kansas City Current. “We share a belief in raising the bar and shining a light on how powerful women can be in industries where they have traditionally been under-represented. As an athlete my entire life, an investor since college and now a professional sports team owner, I’m fortunate to be in a position as a role model. Together, in partnership, the Kansas City Current and American Century will tell the story of the opportunity for women in the world of investments and sports.”
The wealth gap continues to affect women, even though their financial contributions to their households has grown exponentially. In 1967, just 12% of mothers were the sole breadwinners in their households,1 whereas in 2019, 41% of mothers were the primary wage earners. The wealth gap impacts women as well as those they are caring for and supporting financially, now more than ever. Closing the investing gap is an important part of reducing gender inequity.
“Having invested in women’s professional sports, the KC Current knows all about closing the gaps we face as women and breaking the barriers in our way. With their elevation of women’s sports and women athletes, the KC Current are perfect collaborators for us to help women gain and exercise financial strength,” said Sibil Sebastian, vice president, strategy and corporate development at American Century. “At American Century, we are committed to helping people gain financial independence. Women are behind the investing curve due to the gender pay gap, caregiving burdens and societal formation that discourages financial independence in women. It takes courage to change that and to carve our own path.”
Understanding the causes of the gender investing gap
The gender investing gap, in which women have roughly 80% of the retirement income that men do,2 mirrors the gender pay gap, in which women earn $0.82 for every dollar men earn.3 Additionally, white women earned $0.81 for every dollar white men earned, but Black women earned $0.68 for every dollar white men earned and Hispanic or Latino women earned $0.63 for every dollar white men earned.2 Because of the gender pay gap, women have less money to invest in the first place, and this is especially pronounced for Black and Hispanic women.2
Women also tend to bear the brunt of caregiving for not just children but aging parents and are disproportionately impacted by the “sandwich generation.” Taking time off from work for caregiving responsibilities can contribute to wage stagnation and reducing hours to fulfill …….
