Hi Yael; it’s great to meet you. Tell us about yourself…
My name is Yael Weinstock Shemesh, and I am the founder of a consulting firm that supports women in life transitions while ensuring financial security and generating passive income.
My mission is to equip women with the confidence and knowledge to take control of their professional and financial futures.
Fantastic! What specific ageing issues are you aiming to address via your consultancy activities?
In spite of greater awareness, a large group of women still receive lower pay for similar work than their male counterparts and are less likely to be promoted.
Traditionally, many women tend to spend less time in the workforce due to unpaid family caregiving, part-time employment, or low-wage jobs to maintain flexibility.
Loss of salary and employer-sponsored retirement plans results in missing out on funds, as well as the investments' earnings growth.
Often, women are more risk-averse and possess lower financial literacy than men. With longer life expectancy, many women end up underinvested with less retirement savings.
Unmarried and divorced women near retirement age often have lower wealth levels, while widows, who did not participate in financial decisions, may need greater guidance and support.
By proper planning and gaining the relevant financial literacy, women can be better prepared for retirement with improved loan portfolios, optimal savings and retirement accounts, as well as passive income.
There’s a lot there that we recognise from our own research and reader stories, so it’s great to see your passion for raising awareness of these issues and driving change. Can you tell us more about how you go about doing this?
In recognition of the challenges women face in the workplace, including caregiving responsibilities, low pay, promotion and financial literacy gaps, we developed a support system designed to help women build their own wealth and prepare for retirement.
While experiencing various life transitions, women are provided with comprehensive tailored support by a team of experts from the areas of financial services, insurance, lending and real estate.
Women participate in an analysis process while being acquainted with the financial terminology. A comprehensive review of investment options and retirement plans is conducted, and the focus is on developing tools rather than offering solutions.
Women working with us successfully navigate career and personal transitions, gain an understanding of their future retirement and generate passive income as first-time home buyers.
Thanks for sharing that, it’s always amazing to hear success stories like those! Can you tell us a little more about your background and what brought you to where you are today?
My experience working and mentoring both men and women over the past two decades has highlighted major differences in financial management approaches.
Change is inevitable, and almost every change has financial implications.
During life transitions, such as becoming independent, changing careers, getting back to work after a break, job loss, relocation, starting a relationship or dissolving one, most women either:
- Peruse the transition, while overlooking the financial implications and the impact on retirement.
- When factoring in the financial aspects, women are less likely to pursue a change and tend to remain in unsatisfactory jobs or relationships.
An increased number of women have approached me stating that while handling life responsibilities they found it overwhelming to deal with their finances, consider saving and evaluate pension status.
As an example, it is possible to transition from employment to independence all at once without any special preparation. However, after gaining an understanding of the financial status, independency can be better planned and implemented gradually. Taking unpaid leave, obtaining relevant certificates during employment time (sometimes reimbursed by the employer), becoming a consultant for this employer, acquiring several customers before leaving or taking a part-time job are a few ways to ensure a safer transition financially.
There is often an emotional toll involved with life transitions. In addition, sometimes women tend to be less confident when it comes to finance due to the perception that it is mainly a man's domain and the fact that typically men take the lead when it comes to finances in the family.
Having fewer women in finance as role models and mentors also contributes to decreased awareness which leads to fewer retirement strategies and savings among women.
Even though I have been in senior financial roles for over two decades, it was only after transitioning from employment to independence that I learned how better I could have managed my own transition.
My experience as a C-level executive in banking, my academic background as a CPA, along with my personal experience and strong interest in empowering women, made it natural for me to assist women going through life transitions in a financially safe manner.
I am dedicated to assisting women to navigate professional and personal change, help them to gain a comprehensive understanding of their financial status, as well as build wealth and generate passive income.
Thank you, Yael. We look forward to seeing you at Longevitech!
Longevitech TLV 2023 takes place across 13th – 14th February.
