PHILADELPHIA (KYW Newsradio) — What's the difference between a mutual fund and an IRA? How much money should you put away in savings? These are just some of the questions that will be answered at the Loan and Grant Conference on Thursday at University City Science Center.
Iola Harper, executive director of the Women's Opportunities Resource Center, says women will have invaluable resources at their disposal.
“You're going to learn about how to save. You're going to learn about the vehicles to save. You're going to learn about small business, and you're going to get to talk to experts that can answer your questions as well,” Harper said.
Executive Board Chair Lynne Cutler says women tend to be risk averse when it comes to saving money.
“They put it right in the bank account that has no interest at all, right? So if you could get it into a money market or, and if you have more and you can invest a little bit of it, you know, it really would help over time,” Cutler said.
According to the American Bankers Association, 69% of people save 20% or less of their monthly household income. Harper says women need to learn how to pay themselves first.
“… And when you pay yourself first, in the long run, you're going to have savings, and that savings is going to give you peace of mind, and that peace of mind is going to save your mental health,” Harper said.
The conference kicks off April 17 at 2 p.m. To register, click here.