American College to Launch Center for Women and Financial Services

However, for most women the picture is not so rosy, with a gender earnings gap still in place and with women often earning less over their lifetimes than men. They also live longer, and are thus more likely to live alone and to experience more health problems that are both chronic and disabling. Many women are less financially literate than men, and, according to the U.S. Department of Labor, women in general are twice as likely to spend their retirement in poverty.

The industry has a long way to go to ingratiate itself with women. According to a State Farm survey conducted in 2008, two-thirds of women didn't trust financial service professionals, and a Boston Consulting Group survey of 12,000 women learned that, out of 34 product/service categories, financial services ranked lowest in satisfaction.

The State Farm-established Chair in Women and Financial Services at the College, launched in 2007, allowed research that resulted in a study called "The American College Benchmark Producer Research 2009." It revealed, according to the College, that "while earnings increase among financial advisors of both genders throughout their careers, they do so to a lesser degree for women."

The new center, with its additional personnel and resources, will be devoted to understanding and meeting the financial challenges faced by women.