U.S. Secretary of Labor Elaine L. Chao Challenges Wall Street to Help Women Plan for Secure Retirement at Wi$eUp Conference in New York City

Press Release

U.S. Secretary of Labor Elaine L. Chao challenges Wall Street to help women plan for secure retirement at Wi$eUp conference in New York City

U.S. Secretary of Labor Elaine L. Chao today challenged executives of Fortune 1,000 companies attending the "Wi$eUp: The Benefits of Creating a Financially Savvy Employee" conference in New York City to help their workers, particularly women, save and invest for a secure retirement. The conference was held at New York City's World Financial Center. The Women's Bureau of the U.S. Department of Labor, in cooperation with the Financial Planning Association, hosted this event for senior executives of Fortune 1,000 companies.

"Women retiring at age 65 can expect to live another 19 years — three years longer than a man retiring at the same age — yet studies show that there is a retirement planning gender gap and women are on the wrong side of it," said Secretary of Labor Elaine L. Chao. "The Wi$eUp program helps women make better informed financial decisions and is part of our effort to protect workers' pensions and increase participation in employer provided defined contribution savings plans through automatic enrollment."

The Wi$eUp curriculum is available online at www.wiseupwomen.org to give program participants and others access to it anytime or anywhere. Wi$eUp is also available in classroom settings at educational institutions and other organizations. The eight-part curriculum covers setting financial goals, budgeting, use of credit, saving, insurance, smart investing and retirement planning.

The Web-based materials offer a complimentary "e-mentoring" component, and an "Ask the Experts" feature allows participants to send questions via e-mail to volunteers with financial expertise. The Wi$eUp program also includes a series of national teleconference calls on topics such as consumer credit, financial recordkeeping and student loans.

"From Main Street to Wall Street, working women have dreams and aspirations that can only be realized through financial security," said Women's Bureau Director Shinae Chun. "Wi$eUp can help get them there."

Launched by the Women's Bureau in 2004, Wi$eUp is a financial education project dedicated to helping Generations X and Y women reduce debt, and increase savings and investments. Program participants report that studying the curriculum and applying it to their own finances has boosted their self-confidence.

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