FidHacks 2024

About the challenge

At Fidelity Investments, we believe that diversity drives innovation, and we recognize the unique challenges women encounter within the financial space. To illustrate this, consider some of the key obstacles currently faced by women with regards to financial well-being:   

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  Gender Pay Gap: Across industries, women typically earn less than men for the same work. This pay disparity can significantly impact their ability to accumulate wealth and save for the future   
  


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  Lower Labor Participation: According to a Bureau of Labor Statistics report, fewer women participate in the labor force compared to men. This means that fewer women earn salaries and contribute to retirement plans like IRAs, 401(k)s, and 403(b)s.  
  


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  Caregiving Responsibilities: Women often take on the added responsibility of primary caregiver within their household. Taking time off work to care for children, elderly parents, or other family members can affect their income, earning potential, and ability to contribute toward retirement savings.  
  


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  Longer Life Expectancy: Women tend to live longer than men, which means they need to plan for a longer retirement period. This requires careful financial planning to ensure they have enough savings to support themselves throughout their lives.  
  


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  Financial Literacy Gap: A 2022 TIAA Institute Financial Literacy study found that women answered an average of only 45% of personal finance questions correctly. A lack of financial literacy could put individuals at risk of accumulating excessive debt, inadequate emergency funds, or not saving enough for retirement.  
  

THURSDAY, 5/16

FRIDAY, 5/17

May 16, 2024 - May 17, 2024

Fidelity Investments

100 New Millennium Way, Durham, NC 27709, USA

$500