In August, our country celebrated a milestone Women’s Equality Day, marking the 100th anniversary of the certification of the 19th Amendment. We honored both the women who fought and earned the right to vote — and the women who’d fight decades more for that right. We honored the trailblazers who made it their lives’ mission to achieve equality among the sexes.
We reveled in the progress we’ve made so far.
As we reflect on how far we’ve come in the fight for women’s equality, we must also look forward to the work that still lies ahead. Women lead countries, companies and powerful social movements. We are an economic force, responsible for 47% of the U.S. workforce and 32% of all private wealth.1 According to recent, albeit pre-COVID statistics, women own more than 11.6 million U.S.-based businesses, generating $1.7 trillion in sales and employing nine million people.2 According to an even more recent report by McKinsey,i dramatic demographic and cultural shifts are making women “the new face of wealth.” In the coming decades, women will become the decision makers when it comes to saving and investing.
Despite these accomplishments and rosy outlook, today, women have not yet achieved full financial equality. On average, women in the U.S. earn 80% of what their male counterparts earn. Women of color face an even larger wage gap.3 Women also lag behind men when it comes to saving and investing, financial confidence and financial literacy.
The solution to financial equality lies in financial empowerment.
At Morgan Stanley, we understand the path to financial empowerment isn’t just different for women — it’s also different among women. Recognizing the intricacies of intersectionality, we are proud to support a vibrant and diverse group of women clients and communities: women at the start of careers, women entrepreneurs, women of color, single women, women supporting growing families or aging parents, women looking toward retirement, women well into retirement, women saving for a second home, and first-generation female college students, to name a few.
That’s why we recently launched Women Without Limits, a forward-looking initiative that brings together our vast experience to support women of different backgrounds, life stages and financial goals, which is comprised of three key pillars:
- Clients: Provide education and professional guidance for female clients in their journey to developing financial security and independence. Morgan Stanley’s extensive research and one-on-one client relationships have led us to develop a series of targeted programs, approaches and solutions that meet women where they are. We have literally written the book on establishing financial stability and building wealth, providing our clients with the support and confidence they need to make sound financial decisions.
- Communities: Create access to financial empowerment resources for women in the communities we serve. To support the next generation of women, we’ve partnered with Girl Scouts of America to impart valuable financial lessons early on, setting the foundation for critical financial education from a young age.
- Career: Support equity in the workplace and develop initiatives to encourage a steady pipeline of young female talent. Here at Morgan Stanley, we recognize that achieving financial equity for women begins with us, and we work to ensure the empowerment of our most valued asset: our people. We offer a portfolio of business development and career enhancing experiences to position women to accelerate and excel. We honor industry-defining members of our firm through our partnership with MAKERS. We partner with Catalyst to create spaces that work for women. We remain committed to ensuring our female employees and incoming talent feel supported, enriched and emboldened to take control of their professional destiny.
Morgan Stanley remains rooted in providing financial empowerment for all. As part of our commitment, we meet women where they are—and help take them where they want to be.
