As a subject for discussion, money is often regarded as taboo. And yet the gender pay gap – meaning the difference between the average gross hourly earnings of men vs. women – is still enormous. This makes it even more important for women (younger women in particular) to take a pragmatic approach to money and related issues such as retirement planning and wealth creation – and enjoy doing so. How much money do I earn? How can I invest it sensibly? How does retirement planning work?
“Let’s talk about money!” was the title of a Ladies First event held on 30 March 2021 and attended by nearly 200 Frankfurt School students and alumnae. “Ladies First” is a series of events for women students and alumnae organised jointly by the business school’s Career Services and Alumni Relations departments. Speakers at the event included Michael Reeg, Managing Director of Hoesch & Partner; Frank Buchholz, Partner at Hoesch & Partner; Sabine Schoon-Renné M.Sc., FS alumna (Class of 2007), Head of Corporate Development & Strategy at comdirect and cofounder of Finanzheldinnen (Financial Heroines), and Matilda Johansson, Bachelor student at Frankfurt School and Head of the “Women in Business” student initiative. Angelika Werner, Vice President Strategic Relations, chaired the event.
In their keynote presentation, the two experts from Hoesch & Partner, Michael Reeg and Frank Buchholz, explained the essentials of financial planning, retirement planning and risk management. They confirmed that self-discipline is essential for planning your finances, hence their top tip: to manage your finances effectively, keep a record of all your income and expenses. They also underscored the importance of personal liability insurance and occupational disability insurance. As they said: By taking out occupational disability insurance at an early stage, you are effectively insuring your existing state of health and occupational status, giving you more flexibility throughout your working life.
“For me, there’s no obvious reason why women shouldn’t talk about money. I’d like to encourage everybody taking part in this event to change this sad state of affairs and actively question what your work is worth and how your salary is made up,” urged Sabine Schoon-Renné. She advised her listeners to engage a close friend – male or female – as a sounding board for discussing all things financial.
As a Bachelor student at Frankfurt School, Matilda Johansson is just starting to take a close look at her finances and retirement planning. Consequently, she really appreciated the opportunity to discuss these issues with the experts from Hoesch & Partner and an experienced Frankfurt School alumna. “I’m really glad that we’re using today’s event to talk about money and financial investments. We women should be finding out all we can about finance and private pension options right now, while we’re still young, so we already have our own roadmaps as we launch our careers.”