The American College has announced it will create a new Center for Women and Financial Services, the first of its kind in the nation.
The center will aim to be an academic hub for education and research on economic issues and opportunities for women, both as consumers and providers of financial products and services. The project was made possible by a $2.8 million donation from State Farm Insurance, for which the center will be named. The donation is the largest single corporate gift the college, located in Bryn Mawr, Pa., has ever received.
"The resources devoted to the establishment of the State Farm Center for Women and Financial Services will enable this institution to deepen our understanding of the issues associated with American women and money, including recruitment, retention and the advancement of women in the financial services industry," said Larry Barton, Ph.D., president and CEO of The American College.
Barton and other staff members say they would like the center to be an advocate for the economic security of American women and also to help financial organizations better appreciate the value that female producers and business leaders bring to the industry.
American women represent nearly 52% of the nation's population, and 45% of American millionaires are women. By 2030, it's projected that roughly two-thirds of the nation's wealth will be controlled by females. Yet, a gender gap remains in terms of wages and benefits, with men continuing to out-earn working women. Women also tend to have lower levels of financial literacy and are twice as likely as men to live below the poverty line during retirement years.
For more information about the new center, visit theamericancollege.edu.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.