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Try it free for 30 days and lock in 25% off by downloading the FaithFi app or visiting faithfy.com/slash app. Women are gaining more financial influence than ever before, but for Christian women, the bigger question isn't simply how much wealth they'll control, it's what they'll do with it. I am Rob West. From greater earning power to entrepreneurship and the coming wealth transfer, women are entering a significant season of financial stewardship. Pam Pugh joins us today to talk about using what God has placed in their hands with wisdom and purpose.
And then it's onto your calls at 800-525-7000. This is Faith in Finance, biblical wisdom for your financial decisions.
Well, our guest today is Pam Pugh, one of the founders of Women Doing Well and president of Virtue Assets Foundation, where she helps individuals and families put their assets to virtuous use. Pam, it is so great to have you with us today. Thanks, Rob. Great to be here. Pam, you've written an important article for our Faithful Steward magazine on women stewarding wealth, looking at how women are increasingly shaping the economic landscape.
So I'd love for you to talk a bit about what's changing right now and why is this such a significant moment?
Well, Rob, we are seeing seismic shifts in the financial landscape as women control and influence more personal wealth than in previous generations. Truly, both the amount and the rate of increase are extraordinary. Yes. These shifts have been developing for years, and we're only really beginning to see now their full financial impact.
So, as women align their growing economic influence with purpose, there's great potential to release resources for good through families, communities, and out into the world. We can look at four major shifts that help explain what's happening. Let's do that. I want to start with the first shift: education and earning power. How has women's economic position changed in those two areas?
Well, listen to this: women now make up 62% of college graduates and earn more than half of all the doctorate degrees granted. Four out of ten physicians and attorneys are women. Among women ages 25 to 54, 78% work outside the home. And now one in four first-time homebuyers is a single woman. Women make up 80% of consumer purchasing decisions, and women's economic influence is growing both through their earning and their spending.
Wow, those numbers are staggering.
Now, Pam, I know another major shift is longevity. Women generally live longer than men.
So what unique financial implications does that create?
Well, that's right. The average age of widowhood is 59. Wow. And women live an average of 5.8 years longer than men. And because women live longer, it's estimated that 90% of us will manage our wealth on our own at some point in our lives.
Women are estimated to inherit $124 trillion through the year 2048, and that includes $54 trillion transferred to spouses, mostly widowed baby boomers.
So, women already own about 34% of investable assets in the U.S., and an estimated 53% of those assets aren't currently managed with the help of an investment advisor. Wow, what an opportunity there. Those numbers are staggering, particularly the average age of a widow at 59. That just seems hard to believe, and yet I've seen that before. Powerful.
We're also seeing, Pam, significant growth in women-owned businesses. What's driving more women toward entrepreneurship, in your view?
Well, that's right. Women often see entrepreneurship as a pathway to create the life they want to live. They're looking for flexibility. In fact, one in 11 working-age women is an entrepreneur. Rob, both of my daughters are entrepreneurs, and they're in their early 30s.
Yes. So 39% of all closely held enterprises in the U.S. are women-owned, which employ 12.9 million. Million people and generate 3.3 trillion in revenue. Isn't that astounding?
It sure is. And for many women, it's really not about making more money. It's freedom, it's flexibility, it's control over their lives. Those are important motivators. They sure are.
Wow, these are incredible.
Well, after this break, when we come back, we're going to talk more about the shifts that you're describing and the implications of what's taking place, plus what it looks like to marry your passion and your purpose with this opportunity for women to lean into what God has entrusted to her specifically. And we're talking today with my friend Pam Pugh. Pam is one of the founders of Women Doing Well. She's president of Virtue Assets Foundation, where they help individuals and families put their assets to virtuous use. Back with much more right around the corner.
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So glad to have you with us today on Faith and Finance. We're talking about the power of a woman's economic voice. You know, as women gain greater financial influence, the opportunity is about more than wealth, it's about stewardship. And the question is how faithfully we'll use what God has placed in our hands for His glory and the good of others. I'm joined today by my friend Pam Pugh, and she just shared before the break some powerful statistics around really the influence of women today and what's coming through the great wealth transfer.
And Pam, you talked about some of the significant shifts taking place right now in education and earning power, in longevity, specifically around the growth in women-owned businesses. The fourth shift that you described in your article in this special edition of Faithful Stewart, our magazine, is really interesting. You suggest that as women's economic influence grows, the The very definition of wealth is beginning to change. Share a bit more about that. That's right, Rob.
Women tend to view wealth more holistically.
So true wealth isn't simply financial. It's not just the numbers. It's physical health, it's spiritual health, along with social and intellectual wealth.
So financial reserves represent freedom. In that way, money is a tool and it has meaning only as it serves a purpose.
So, studies show that women tend to be studious, patient, holistic, and methodical investors. And for most women, ethical investing is important in doing good with what they own. Yeah, I mean, we're certainly seeing that in the data, Pam, on our end, that in particular, as we move into this space of faith-based investing starting to mature, in particular, women and the younger generations are more interested in leaning in. That's right. Yeah, that's right.
Very fascinating. We've also established that women have a growing economic voice.
So, for a Christian woman, how should that shape the way she thinks about her responsibility as a steward? Yeah, Rob, this is so important. Faithful stewardship takes preparation. In a survey we conducted with widows several years ago, women who prepared in advance fared much better in the long run.
Well, we can use an analogy of trip planning if we want to talk about how a woman can prepare for faithful stewardship. Sure.
So think about it this way. If you were going overseas for a month, you would plan. Yes. First, you would consider where you're going. and what you'll need when you arrive.
Second, you'll look at what you already have for that journey. And finally, you would want to talk to others who would help prepare you for that journey. Yeah, that's exactly right. It absolutely takes preparation. And you described the first step in that preparation as dream.
What does it mean to begin there? Talk about that.
So sometimes this can be a challenging part of the process just to get started. But what I'll typically say is: envision your life five years from now. Prayerfully ask yourself if I were confident that God was with me, What would I explore?
Now, here's a secret I'm going to share with you. Write this down. Get your journal out and write it down. Neuroscientific research is telling us that we increase our potential for success multiple times over when we write it down. It's actually called neuroencoding.
Our brain processes information more deeply when we write out our thoughts and goals on paper. Secondly, I say make it tangible.
So when you're writing this out, you might start with a phrase like this: It's the year 2031, and I'm X years old. It's a bit sobering. What does your life look like? What does it sound like? Awaken those five senses.
What does it feel like? What values are reflected in your life?
So be intentional about where you're headed and why. I love that framework because answering that simple question might be the single thing that gets her unstuck, maybe to start this journey. Is that right? That's exactly right.
Now, the second step is inventory, and you connect that idea to God's call for Moses. I'd love for you to unpack that. Yes, yes. It really hit me one day when I was studying Exodus, Moses' call. And when God called Moses to this tremendous journey to free the Israelites, Moses was reluctant and he offered excuse after excuse, reasons why he couldn't meet this great calling.
And finally, remember, God asked him in Exodus 4:2. Moses, what's in your hand? Moses had a shepherd's staff in his hand, such an ordinary object, and he probably didn't even see it as something God could use in his calling. I think we can ask ourselves the same question. What has God already placed in my hand?
You know, nothing's wasted in God's economy. That's such a wonderful truth. We have relationships, resources, financial means, knowledge, experience. Rob, even our hardships can provide resources for our journey. That's right.
So ask God to show you what's in your hand. And remember the secret. Write it down. Yes. Well, I love that question.
What's in your hand? Because I can imagine once a woman has considered where God may be leading her and then taken inventory of what He's already entrusted to her, she's ready to move forward. Then what comes next?
Okay, so then we want to talk about it. When you're excited about an upcoming trip, you talk about it. Yes. You want to talk about your goals with your friends and peers. And each of those times, it increases our psychological ownership and commitment to that journey.
So just as we talk about an upcoming trip and plan for it, if we want to live and give well, we need to plan for it.
Now here's where I'd say it's wise to find a like-minded adviser and share your vision for the future. A kingdom-minded advisor can help you develop a strategy for reaching those goals and for strengthening your economic voice.
So, the whole idea is to prepare intentionally for the journey ahead. That's well said.
Now, Pim, as you consider all of these shifts, you've described them: the wealth transfer, the greater earning power, the entrepreneurship, and women's growing financial influence. What do you most hope Christian women will understand about this moment we're in right now?
So, I want women to realize we have tremendous opportunity to make real change. There's never been a time that God has resourced women as today.
So, the question isn't simply how much influence or wealth women will have, it's what they'll do with it. And we can prayerfully consider what God has already placed in our hands and use it for His glory and for the good of those around us. What an opportunity. Pam, we're about out of time, but I want to double back on the role of the advisor for a moment. What have you seen in terms of the power of the advisor in this relationship?
Right.
So, I think sometimes as women, we can stall out because there's things we don't know, and we look out into the future and we're not sure, will I have enough? Will I be able to finish well? And so, I talked to a lady actually yesterday, and she called asking how does she find a good kingdom-minded advisor? What are the right questions to ask? And as we further explored it, she said, You have helped me alleviate some of my greatest concerns in going forward.
By finding a kingdom-minded advisor, the advisor can project out into the future, given what is already in your hand and what your plans are. Will you have enough? What investment objectives do you need to have so that you will have enough and be able to accomplish those goals? It really puts Fuel into your purpose. Oh, that's incredible.
And by the way, folks, we talk about it all the time. If you want to find a certified kingdom advisor in your area, just head to findaca.com. Pam, this has been fabulous. We're going to have to have you back real soon. Thanks for your time.
Thanks, Rob. That's Pam Pugh, co-founder of Women Doing Well and president of Virtue Assets Foundation. You can read more from Pam on this topic in a special edition of Faithful Stewart magazine. Learn more at faithfy.com. We'll be right back.
What we do is very special and it's very unique. This is Bethany. She is a Certified Kingdom Advisor. I became a CKA because we're not building bigger barns and we're not trying to figure out how we can just amass more and more and more. We're figuring out how much do you really need?
What are your priorities? What has God called you to? And then how can we give it away? How can we be more generous? You can find an advisor like Bethany at findaca.com.
Faith in Finance is grateful for support from Eventide Investments, a faith-based asset manager pursuing investing that makes the world rejoice. Eventide invests from a biblical worldview, helping values-aligned investors pursue integrity, impact, and performance through their portfolios. More information is available about how you can align your faith with your investments at faithfi.com slash Eventide. That's faithfi.com slash Eventide. Great to have you with us today on Faith and Finance.
I'm Rob West. We're taking your calls and questions. If you have a financial question, call right now, 800-525-7000. We have a few lines open. Let's go to Chicago.
Denise, how can I help? Hello, sir. How are you? I'm good. Thanks for your call.
Wonderful, great information that you're giving. My question is. I have a discover card. And I have a high balance on it that I'm trying to pay down. I talk to them and they offer a settlement.
three different offers. How would that affect my credit if I took the settlement? Yeah.
So are they agreeing to accept less than the full balance owed? Yes, because I owe 78, so this would be 58 and some change. Yeah, so that can negatively affect your credit for sure. I mean, the account is going to be reported as settled or paid for less than the full balance rather than paid in full. And that's considered negative credit information by the credit bureaus.
The important thing is, you know, to find out exactly what Discover is offering because not every reduced payment program is a debt settlement. For instance, if they offer a hardship payment plan where they lower the interest rate or the monthly payment, but you eventually pay the entire balance, that's obviously not a debt settlement. But again, based on what you're telling me, it sounds like they're forgiving part of the balance. And if that's likely going to be reported as settled or settled for less than the full balance. And if that's the case, that will be seen as a negative.
Doesn't mean it won't recover over time. You know, if you're making payments on time, you have good credit, you know, I wouldn't necessarily be terribly concerned about it, and it could save you, you know, tens of thousands of dollars. The other thing you also need to be aware of is you're likely going to get a 1099 for that, and it's going to be taxable.
So you just need to be aware of that as well. But at the end of the day, it will, I mean, you could ask them how it's going to be reported, and there's a chance they're going to market paid in full, but it's not likely.
Okay.
Okay.
Awesome. Thank you so much. All right. Thanks for calling today. Let's go to Mississippi.
Miguel, you'll be our next caller. Go ahead. Hey, Rob, hope you're doing well. Thank you for your help here in Mississippi. And then we really mean it from the bottom of my heart.
I appreciate that. It means a lot, sir. Yes, sir. I have a pretty nice house. I'm fifty eight years old.
I have a car that's paid off. in pretty good shape, but I'm I need a will and a trust.
Okay.
And I don't even know I don't know where to start. Yeah.
Company, Wheelotrust.com. Yes. But I need something that's, you know, godly. Yeah, I appreciate that. You know, trustandwill.com has been doing a ton of advertising lately, and you know, they do make it very simple.
I think for estate planning, having an attorney in your state, and to your latter point, having an attorney who shares your values and can really help you think through this really important and final stewardship decision that you will make as a manager of God's resources, making that decision through the lens of biblical wisdom, which isn't just about getting the documents in place. It's a lot of the why before the how, meaning, you know, are you leaving anything to heirs? And what is the trajectory of their life? Currently, and to the extent you're leaving, you know, sizable assets, you know, could that get in the way or accelerate their lifestyle that's moving away from the Lord? You know, just thinking through not only is the next steward chosen, but are they prepared?
And that's just one of the issues that a godly estate attorney would help you think through.
So, your question is: where do you go to find one?
Well, here's what I would do: I'd head to our website, it's faithfy.com. That's faithfi.com, right there at the top of the page to find a certified kingdom advisor there in Mississippi. And then, any one of those that you contact, if you say, listen, I listen to Faith and Finance, Rob said to reach out to you, and you could refer me to a godly estate attorney in our area. They'd all have one or more that they work with, and they could make that referral for you, set up an appointment, go in, and they can take care of that trust if you need it. And certainly, that will.
So, again, faithfi.com, just click find a professional, choose investments or financial plan. And ask for a referral. Miguel, thanks for your call, sir. May the Lord bless you. We appreciate you being on the program.
Let's go to Sanibel Island, Florida. Julia, how can I help? Hi, I was calling because I live at home, so I'm 24, I live at home, and I'm close to paying off all my student debt, which I'm so excited about. That's great.
Now I'm like. Thank you, thank you, yeah. I'm in the process of transitioning from like I guess real adulthood.
So, like, going about budgeting and hopefully investing. I've never really done that. And I guess kind of saving for like a home or getting ready for rent. Also, what's your opinion on that too, renting versus, you know, owning a home at, you know, the younger age and just in the economy.
So I guess I'm just a little anxious to go into the real world and I'm curious to what you think about y you know, a younger person that doesn't have a ton of net worth or whatever, just going about that.
So and you know, honoring the Lord with all of that. For sure.
Well, listen, number one, I appreciate your call. Number two, it sounds like you're doing a fabulous job, kind of right out of the gate here, you know, in adulthood with finances. I mean, starting with this idea that you're almost debt-free.
So clearly, you know, your parents have afforded you this opportunity to live at home, which sounds like you've leveraged to take the resources you have and prioritize, you know, shoring up your financial foundation, starting with paying off your school debt, which is amazing. And that tells me something just about your discipline and your priorities. And now, here you are calling, saying, okay, what's next? How do I honor the Lord with his money? And that's key.
And how do I go about saving for the future, even potentially buying a house at some point? And those are the right questions, Julia. That tells me you're taking serious this role you have as a steward of God's resources. And so I think the next opportunity is just to start soaking in kind of a biblical worldview of money management. I don't think you need to be in a rush to buy a house, especially.
Especially with the affordability being so challenging right now with high interest rates. And so, I think you want to maximize this opportunity while you're with mom and dad, looking with an eye toward, based on how you're communicating with them and what timeline they may have given you, an eye toward getting out on your own, but probably saving as much as you can. And I think perhaps your first place is not a purchase unless you can find something and save enough to put a 20% down payment. But if you can't, then I would say just continue to keep your lifestyle at a minimum and save as much as you can. And then, if you get a job that offers you a retirement plan, great.
Let's start somewhere, at least beginning with the match. If not, I would say starting to put a little money systematically into a Roth IRA, even a couple of hundred dollars a month, if you could swing it, would be amazing because, at your age, with the next 40 years for this money to compound, you could easily be well over a million dollars just by putting in a modest amount each year and letting it compound for that period of time.
So hopefully that's given you some things to think about. I'm going to send you a resource that I think you're going to love. It's called Open Hands Finance, and it's going to help you understand God's way of handling money, but even give you some practical exercises to begin to work it out.
So you stay on the line. We'll get Open Hands Finance in your hands and call me back and let me know what you think. Hey, we couldn't do this without our team each day.
So grateful for my producer, Devin Patrick, for our call screener, Sandy Dickinson, and helping me with research today, Mr. Jim Henry. plus the entire team here at Faith Phi. Hope you have a great day. Lord willing, we'll be back to do it all over again tomorrow.
We hope you'll join us then. May God bless you. Bye-bye. Faith in Finance is provided by FaithFy and listeners like you.
