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☆ How one nonprofit is turning to AI to help boost women's financial literacy
▼ + stars: | 2024-04-29 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

One women-focused nonprofit has launched a new way to help them get faster answers to their queries through the use of an online AI chatbot. The organization, Savvy Ladies, was founded more than 20 years ago by Stacy Francis, a certified financial planner and president and CEO of Francis Financial in New York City. After seeing her grandmother stay in an abusive situation because she lacked financial resources, Francis created the nonprofit with the goal of helping other women avoid similar situations. watch nowThe new chatbot — provided through Microsoft Copilot — allows visitors to the Savvy Ladies website to type in their financial questions and receive immediate answers curated from the website's content written by CFPs and other financial professionals. Investors are more likely to trust advice from generative AI tools than from social media, according to a survey released last year from the CFP Board, a professional organization representing professional financial planners.

Persons: Stacy Francis, Francis, CFPs, Judy Herbst, Michael Roberts, William H, Lawrence, Roberts Organizations: Francis Financial, Microsoft, CNBC's FA, Wharton School, University of Pennsylvania, CFP Locations: New York City, CNBC's

It shows a curated look at women embracing domesticity as the antithesis of what other young women are experiencing, who are "working hard and barely scraping by," said Casey Lewis, a social media trend forecaster. Evidence shows this is something few women are actually doing, and it's not a realistic lifestyle to aspire to. Young women, whether they're married or not, are expressing a desire to "take a step out of the professional rat race," Lewis said. "There's a lot of pressure on young women," she said. In cases where men are the primary breadwinners, it's more often women who take on the bulk of the caretaking responsibilities, experts say.

Persons: Casey Lewis, it's, Stacy Francis, Eve Rodsky, tradwives, Rodsky, Francis, Heather Boneparth, they're, Lewis, Julia Pollak, Pollak Organizations: Francis Financial, CNBC's, Berkeley Haas Center for Equity, Gender, Pew Research Center, Intuit, ZipRecruiter, Bureau of Labor Statistics Locations: New York, millennials, U.S

☆ 93% of women are stressed about money. Building a cash reserve can help, experts say
▼ + stars: | 2024-03-01 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Largely as a result of the wealth gap, women tend to be more financially vulnerable than their male counterparts. Regardless of their household income, 93% of women feel stress when it comes to money, according to a new report by Fidelity Investments. In fact, financial stress levels drastically decrease with each additional month of emergency savings set aside, according to Fidelity. Roughly 81% of women with no emergency savings felt a fair amount or a lot of stress. Once women have three months' worth of emergency savings, only 26% report high stress levels, Fidelity found.

Persons: Stacy Francis, Francis, Paulette Perhach, Perhach, Lorna Kapusta Organizations: Francis Financial, Fidelity Investments, CNBC, Fidelity Locations: New York

☆ Do you have a joint account? Here’s what that says about your relationship
▼ + stars: | 2024-02-09 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Of those who have at least a joint account, only 12% said financial issues caused problems with their partner, compared to 15% of those who don't have a shared account. Further, 58% of those who share at least one bank account said they stayed together after a financial argument, compared to only 47% of those who don't have a shared account. "If you want your marriage and relationship to survive, at least get a joint account," said Stacy Francis, a certified financial planner and president and CEO of Francis Financial in New York. While most experts recommend some variation of having "yours, mine and ours," completely combining finances is steadily becoming less common. According to a recent report by Bankrate, 39% of couples who are married or living together completely combine their finances, while 38% have a mix of joint and separate accounts and 24% keep finances completely separate.

Persons: Stacy Francis, Bankrate Organizations: LendingTree, Francis Financial, Finance Locations: New York

☆ 'Women's No. 1 source of stress is money,' expert says. Fixing that requires a step-by-step approach
▼ + stars: | 2023-11-29 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

While men are most commonly say they are "hopeful" when it comes to money, women's number one word for their financial feelings was "stress," according to a 2023 Fidelity Investments survey. 1 source of stress is money," Sallie Krawcheck, CEO of Ellevest, an online investing platform for women, told CNBC in a recent interview. watch nowThere are a reasons why women's financial concerns are more acute. Consequently, women's top goal is to shore up the wealth they're lacking, while their second priority is taking care of their families, she said. A step-by-step approach works bests, according to Stacy Francis, a certified financial planner and president and CEO of Francis Financial in New York.

Persons: Sallie Krawcheck, Krawcheck, Cary Carbonaro, Carbonaro, Stacy Francis, Francis Organizations: Fidelity Investments, CNBC, ACM Wealth, Francis Financial, CNBC's FA Locations: New York, CNBC's

You also may find more time to review your financial goals and decide whether you need a reboot. Here are three key actions financial experts suggest you take midyear. Oscar Wong | Moment | Getty Images"Make practice payments to yourself," said Corbin Blackwell, a CFP and senior financial planner at Betterment. Check your tax withholdingTo avoid having too little tax withheld from your pay and facing an unexpected tax bill or penalty at tax time next April, check your tax withholding. Adjusting your tax withheld now can also help with your cash flow and ensure you receive a bigger paycheck and smaller refund at tax time.

Persons: Stacy Francis, —, Jordan Awoye, Oscar Wong, Corbin Blackwell, Tim Maurer, Blackwell Organizations: Francis Financial, Awoye, CNBC, IRS Locations: New York, Bay Shore , New York, Atlanta, Charlotte

☆ Op-ed: Why cash is king for emergency funds and queen for short-term savings
▼ + stars: | 2023-05-22 | by ( Stacy Francis | ) www.cnbc.com time to read: +6 min

You would have been lucky to find a high-yield savings account paying out 1%-2% at that time. Where to keep your emergency cashAn emergency fund is a cash cushion of roughly three to six months of living expenses. American Express High Yield Savings and Barclays Online Savings Account are highly competitive. The easiest way to reach this goal is to automatically have a portion of your paycheck directed toward your emergency or short-term savings fund. Your emergency fund and short-term savings should be directed toward something other than your everyday checking or savings account.

☆ More women are out-earning their husbands, but still picking up a heavier load at home
▼ + stars: | 2023-04-13 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

watch nowMore women are becoming breadwinners, but the division of labor at home has barely budged, a new report found. Women are achieving increasing levels of education, making them more likely to out-earn their husbands, according to Richard Fry, a senior researcher at Pew. But as women's financial contributions increase, they still pick up a heavier load when it comes to household chores and caregiving responsibilities, the report also found. Age, race and family size also play a role, the Pew report found, with Black women more likely to be the breadwinners, as well as older women and women without children. In marriages where husbands and wives earn about the same, women spend roughly 2 hours more a week on caregiving and about 2½ hours more on housework, according to the Pew data.

☆ As the cost of living skyrockets, 23% of couples stay together mainly because of money constraints
▼ + stars: | 2023-03-31 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Money can be a relationship's downfall; it can also be the reason couples stay together. With more Americans feeling financially constrained, 23% of all couples are primarily staying in their current relationships due to financial dependency, according to a new report by LendingTree. Between sky-high inflation and stubborn gender dynamics, "I am not surprised at all," said Stacy Francis, a certified financial planner and president and CEO of Francis Financial in New York. Couples in committed relationships also tend to do better financially. A Pew Research study found that men and women both earned more and were more financially sound in a relationship.

☆ 'Staying the course is the play,' advisor says. 4 tips to help weather market volatility
▼ + stars: | 2023-03-22 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

"In the months ahead, volatility may come and go," Vanguard global chief economist Joe Davis said last week. "And for all of us, I think it's important to remember to focus on what we can control," he said. By staying invested in the markets, investors have a better chance of success when it comes to achieving their long-term goals, Davis said. There are a few things to keep in mind that can help you stick through market turbulence, advisors say. "It's important to remember that by staying invested, you're playing the game of compounding your returns," Boneparth said.

☆ Financial advisors share their advice for DIY investors
▼ + stars: | 2023-03-17 | by ( Sara Lindsay | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinancial advisors share their advice for DIY investorsCNBC FA Council members Stacy Francis and Douglas Boneparth share their advice for those investing without hiring financial advisors.

☆ Should you be worried about your money, your bank or the U.S. banking system? Experts weigh in
▼ + stars: | 2023-03-14 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

However, the unexpected shutdowns of Silicon Valley Bank and Signature Bank have many consumers concerned about their deposits, their bank and the U.S. banking system. Here, experts answer what a bank run is, how FDIC insurance works and whether your deposits are still secure. andresr | E+ | Getty ImagesThe short answer is "possibly," according to Stacy Francis, a certified financial planner and president and CEO of Francis Financial in New York. "This is happening, in part, because of the Federal Reserve's sharp rise in interest rates," Francis said. Further, "many banks are seeing large withdrawals from cash depositors who are looking [for higher rates] to make more money," Francis added.

☆ Francis Financial President & CEO on having difficult conversations with clients
▼ + stars: | 2023-03-13 | by ( Sara Lindsay | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFrancis Financial President & CEO on having difficult conversations with clientsFinancial advisor and CNBC FA Council member Stacy Francis shares her thoughts on when clients should and shouldn't pull their money out of the market.

☆ Investing in 2023 is 'definitely going to be rocky,' advisor says. How to stay the course
▼ + stars: | 2023-03-13 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

In the latest example, the failure of Silicon Valley Bank rattled investors and sent stocks lower on Friday. By midday Monday, the markets had moved upwards, though certain bank stocks were still hurting. "This is going to be a great year, and it's definitely going to be rocky," Francis told CNBC.com in February. Likewise, grim market results in December were followed by some of the best upswings in decades in January. This is going to be a great year, and it's definitely going to be rocky.

☆ Investing is 'a must' for women to achieve a secure retirement, advisor says. These 3 steps can help
▼ + stars: | 2023-03-08 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Women tend to outperform men when it comes to investing, yet some may still be at risk of falling behind. While 67% of women are gaining the confidence to invest outside of retirement accounts, that still leaves 33% who are missing that opportunity, according to Fidelity. What's more, women are more likely, at 50%, to say they're behind on retirement savings, versus 35% of men, a recent report from Goldman Sachs found. "Investing is not a 'nice to' for women; investing is a 'must,'" Francis said. Maxing out 401(k) and IRA investments should be a priority, Francis said — and beyond that, the more an investor can do, the better.

☆ Financial advisor shares her advice for women to start investing now
▼ + stars: | 2023-03-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinancial advisor shares her advice for women to start investing nowCNBC FA Council member Stacy Francis shares her advice for women to start investing as soon as possible.

☆ CNBC FA Council members share their strategies for a volatile market
▼ + stars: | 2023-03-08 | by ( Sara Lindsay | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCNBC FA Council members share their strategies for a volatile marketCertified Financial Planners and CNBC FA Council members Douglas Boneparth and Stacy Francis share their outlooks and strategies for an unpredictable 2023 market.

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