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May 9, 2022 - Kansas City, Mo.
American Century Investments, the $230 billion* global asset manager, announces its proud collaboration with National Women's Soccer League (NWSL) team Kansas City Current . Starting its second season in Kansas City with its regular season home opener Mother's Day, Sunday, May 8, KC Current shares the same goal of American Century Investments: to elevate women in Kansas City and beyond. This season, the two organizations are teaming up for strong women and their futures: American Century Investments will support the team while the KC Current will amplify American Century Investments' messages and resources through their marketing channels encouraging women to close the gender investing gap.
"We are so excited about the opportunity to partner with American Century," said Angie Long, co-owner of the Kansas City Current. "We share a belief in raising the bar and shining a light on how powerful women can be in industries where they have traditionally been under-represented. As an athlete my entire life, an investor since college and now a professional sports team owner, I'm fortunate to be in a position as a role model. Together, in partnership, the Kansas City Current and American Century will tell the story of the opportunity for women in the world of investments and sports."
The wealth gap continues to affect women, even though their financial contributions to their households has grown exponentially. In 1967, just 12% of mothers were the sole breadwinners in their households,1 whereas in 2019, 41% of mothers were the primary wage earners. The wealth gap impacts women as well as those they are caring for and supporting financially, now more than ever. Closing the investing gap is an important part of reducing gender inequity.
"Having invested in women's professional sports, the KC Current knows all about closing the gaps we face as women and breaking the barriers in our way. With their elevation of women's sports and women athletes, the KC Current are perfect collaborators for us to help women gain and exercise financial strength," said Sibil Sebastian, vice president, strategy and corporate development at American Century Investments. "At American Century Investments, we are committed to helping people gain financial independence. Women are behind the investing curve due to the gender pay gap, caregiving burdens and societal formation that discourages financial independence in women. It takes courage to change that and to carve our own path."
The gender investing gap, in which women have roughly 80% of the retirement income that men do,2 mirrors the gender pay gap, in which women earn $0.82 for every dollar men earn.3 Additionally, white women earned $0.81 for every dollar white men earned, but Black women earned $0.68 for every dollar white men earned and Hispanic or Latino women earned $0.63 for every dollar white men earned.2 Because of the gender pay gap, women have less money to invest in the first place, and this is especially pronounced for Black and Hispanic women.2
Women also tend to bear the brunt of caregiving for not just children but aging parents and are disproportionately impacted by the "sandwich generation." Taking time off from work for caregiving responsibilities can contribute to wage stagnation and reducing hours to fulfill caregiving responsibilities can further limit income and ability to invest. Because caregiving impacts women financially, it also contributes to the gender investing gap.
"The pandemic shone a light on the caregiving challenges American Century employees face, so we expanded our leave of absence benefits," said Sebastian. "Although the policies benefit everyone, because we know that caregiving responsibilities disproportionately impact women, the benefit of these policies will go first and foremost to women."
Another barrier to closing the investing gap is that women identify themselves as less financially literate and less confident about investing. Women say they don't invest because they "don't feel confident or knowledgeable" to start. Women are less confident investing as a result of years of conditioning to prefer saving. Girls are taught savings language – budgets, living within your means – but not about investing. Conversely, boys are taught about investing.4
Although societal and systemic changes are needed to close these gaps for everyone, women can courageously carve their own path now and also help other women. As the collaboration between American Century Investments and KC Current gains momentum, they will highlight more challenges women face in investing and provide actionable help for women as they strive to make financial gains.
"Taking your rightful place as leader of your finances will mean committing to closing your own financial gaps and learning from other women who have been there. We will use our relationship with KC Current to highlight the investing gap and help you close yours. Our momentum will grow over this season as we work together to carve our paths," said Sebastian.
American Century Investments is a leading global asset manager focused on delivering investment results and building long-term client relationships while supporting breakthrough medical research. Founded in 1958, American Century Investments' 1,400 employees serve financial professionals, institutions, corporations and individual investors from offices in New York; London; Frankfurt; Hong Kong; Sydney; Los Angeles; Santa Clara, Calif.; and Kansas City, Mo. Jonathan Thomas is president and chief executive officer, and Victor Zhang serves as chief investment officer. Delivering investment results to clients enables American Century Investments to distribute over 40 percent of its dividends to the Stowers Institute for Medical Research, a 500-person, non-profit basic biomedical research organization. The Institute owns more than 40 percent of American Century Investments and has received dividend payments of $1.8 billion since 2000. For more information about American Century Investments, visit www.americancentury.com.
Founded in December 2020, the Kansas City Current is led by the ownership group of Angie Long, Chris Long and Brittany Matthews. The team competes in the National Women's Soccer League (NWSL) and begins its second season with the 2022 NWSL Challenge Cup kicking off at Racing Louisville on March 18. The Kansas City Current announced plans for the first stadium purpose-built for an NWSL team with expected completion in 2024. The team will play in 2022 at Children's Mercy Park. For more information, visit KansasCityCurrent.com .
* Assets under supervision as of 3/21/2022.
1 Center for American Progress, "Breadwinning Mothers Are Critical to Families' Economic Security," March 29, 2021.
2 National Institute on Retirement Security, "Still Shortchanged: An Update on Women's Retirement Preparedness," May 2020.
3 Bureau of Labor Statistics Reports, "Highlights of Women's Earnings in 2020," Sept. 2021.
4 Fast Company, "How Parents Talk About Money Differently to Their Sons and Daughters," Jan. 14, 2019
This material has been prepared for educational purposes only. It is not intended to provide, and should not be relied upon for, investment, accounting, legal or tax advice.
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