Nov. 18, 2009 : Lisa Caputo on how Bostonians see the financial future

WHEN WE CONTINUE, FORMER
PRESS SECRETARY TO HILLARY
CLINTON, LISA CAPUTO.
LISA CAPUTO, A FORMER ADVISOR
AND PRESS SECRETARY TO HILLARY
CLINTON HAS MOVED INTO THE
FINANCIAL ARENA AND IS NOW THE
EXECUTIVE VICE PRESIDENT
GLOBAL MARKETING AND CORPORATE
AFFAIRS FOR CITIGROUP.
AND HAS SOME INSIGHTS INTO HOW
SOME BOSTONIANS VIEW THE
FINANCIAL FUTURE.
AND LISA CAPUTO IS HERE.
WELCOME.
>> GREAT TO BE HERE, NICE TO
SEE YOU.
>> YOUR CITIGROUP DID A STUDY
AROUND THE COUNTRY, BUT ONE OF
THE CITIES YOU LOOKED AT WAS
BOSTON, AND YOU SAY BOSTON HAS
A BETTER FINANCIAL VIEW.
THEY DON'T THINK, OR RATHER
63% OF THE COUNTRY IS SAYING
THE ECONOMY IS NOT HIT BOTTOM
YET, ONLY 48% OF BOSTONIANS
THINK. SO
>> IT INTERESTING IN THE STUDY
THAT BOSTONIANS ARE MORE
OPTIMISTIC THAN THE REST OF
THE COUNTRY.
>> IT'S HARD TO BELIEVE.
>> I THINK IT'S TERRIFIC
ACTUALLY.
I WOULD SAY ROUGHLY ABOUT 65%
OF BOSTONIANS SEE THEIR LOCAL
BUSINESS PICTURE IMPROVING
OVER THE NEXT 12 MONTHS.
68% OF THEM HE THEIR OWN
PERSONAL FINANCIAL SITUATIONS
IMPROVING.
WHERE AS THE REST OF THE
COUNTRY SIMPSON REALLY THERE
YET, PARTICULARLY IN THE SOUTH
AND THE RUST BELT, WHICH HAS
BEEN HARD HIT BY THE ECONOMIC
DOWNTURN.
SO BOSTONIANS OVERALL ARE
OPTIMISTIC THAT THINGS ARE
GOING TO GET BETTER AND GET
BETTER SOON.
>> YOUR GROUP DOES A LOT OF
SPECIFIC RESEARCH INTO WOMEN
AND CONTROLLING THEIR FINANCES,
AND ONE OF THE THINGS THAT
JUST JUMPED OUT AT ME, A LOT
OF WOMEN IN BOSTON TOO CAN'T
LEAP AT NIGHT.
WORRYING ABOUT THEIR FINANCES.
>> VERY TRUE.
I KNOW IT HAPPENS WITH ME.
MORE AND MORE WE SEE WOMEN ARE
NOT JUST THE CHIEF PURCHASING
OFFICERS IN THE HOUSEHOLD, BUT
THEY ARE ALSO THE CHIEF
FINANCIAL OFFICERS IN THE
HOUSEHOLD.
THAT'S BECAUSE MORE AND MORE
WOMEN ARE ENTERING THE WORK
FORCE, MORE AND MORE WOMEN ARE
GOING INTO GRADUATE COOL THEN
ENTERING THE WORK FORCE.
WHEN YOU COMBINE THAT WITH THE
FACT THAT THEY'RE GOING TO
CONTROL AN ACCOUNT FOR ROUGHLY
HALF OF THE PRIVATE WEALTH IN
THE UNITED STATES BY NEXT YEAR,
THEY ACCOUNT FOR 80% OF
CONSUMER SPENDING.
WHEN YOU THINK ABOUT ALL THOSE
FACTORS, COMBINED WITH THE
FACT THAT WOMEN OUTLIVE MEN BY
SIX YEARS, THE AVERAGE AGE OF
WIDOWHOOD IS 56, AND ONE OUT
OF FOUR OF ALL WOMEN ARE GOING
TO BE ON THEIR OWN AT SOME
POINT IN THEIR LIVES BECAUSE
THEY ARE SINGLE, DIVORCED OR
WIDOWED, ALL OF THAT IS A BIG
WAKEUP CALL TO WOMEN SAYING
GEE, I NEED TO TAKE CONTROL OF
MY FINANCES BECAUSE OF THE
SOCIO-ECONOMIC DYNAMICS I FACE,
AND I WANT TO MAKE SURE I'M
FINANCIALLY SECURE.
>> YOU JUST SUBMITTED TO ME
BEFORE WE STARTED TALKING HERE,
THAT YOU KIND OF LEARNED ON
THE JOB, YOU WERE IN THE
POLITICAL WORLD IN WASHINGTON,
YOU LEFT BECAUSE OF THE WHOLE
CAMPAIGN INVESTIGATIONS AND
EVERYTHING, WHITEWATER
INVESTIGATIONS.
A LOT OF WOMEN, AND MYSELF
INCLUDED, I LET OTHER PEOPLE
MANAGE THE MONEY.
BUT HOW SHOULD WOMEN GET MORE
INVOLVED IN THEIR OWN FINANCES,
WHAT SHOULD THEY DO?
>> THERE ARE A COUPLE THINGS
THEY SHOULD DO.
FIRST I WOULD SAY IT'S VERY
IMPORTANT TO THINK ABOUT
BUDGETING.
VERY IMPORTANT.
PARTICULARLY WHEN YOU'RE YOUNG
IN YOUR 20s, BUT WANT TO SET A
BUDGET AND HAVE A FINANCIAL
PLAN, THAT'S THE SECOND THING
YOU WANT TO DO.
WHEN YOU'RE YOUNG IN YOUR 20s
YOU WANT TO MAKE SURE YOU HAVE
AUTOMATIC SAVINGS GOING INTO
YOUR CHECKING ACCOUNT.
THEN AS YOU AGE AND YOU ENTER
THE WORK FORCE YOU WANT TO
MAKE SURE YOU'RE MAXING OUT ON
THAT 401-K PROGRAM.
BUT BY AND LARGE, YOU SHOULD
SAVE AS YOU EARN.
IN OTHER WORDS SAVE AS YOU GO
ALONG.
MAKE SURE THAT YOU'RE PLANNING
FOR THE TIME OUTS IN LIFE,
MEANING A LOT OF WOMEN TAKE
TIME OUT OF THE WORK FORCE, AN
AVERAGE OF ABOUT 11 YEARS, TO
STAY HOME WITH THEIR KIDS, OR
TO STAY HOME WITH AN ELDERLY
PARENT.
SO PLAN FOR THOSE TIME OUTS.
AND LASTLY IT'S REALLY
IMPORTANT NOT TO CASH OUT YOUR
SAVINGS WHEN YOU CHANGE JOBS.
DON'T MOVE IT.
KEEP IT WHERE IT IS, DON'T
CASH IT OUT.
SO THOSE ARE ALL REALLY
IMPORTANT THINGS TO DO.
IT'S ALSO INTERESTING, I THINK,
THIS ECONOMIC DOWNTURN AS IT
RELATES TO WOMEN, IT'S HAD A
PRO FOUND PSYCHOLOGICAL EFFECT
ON WOMEN.
SUCH THAT WOMEN ARE AN
ECONOMIC BAROMETER THAT CAN'T
BEOVER LOOKED, AND I THINK BY
AND LARGE WOMEN ACROSS THE
KPUDS IN BOSTON ARE
FUNDAMENTALLY CHANGING THEIR
SPENDING PATTERNS AND THERE'S
A RESET GOING ON.
A LOT OF PEOPLE REFER TO IT AS
THE NEW NORMAL, BUT WOMEN ARE
GOING BACK TO BASICS AND
CHANGING THEIR PENDING AND
SAVING HABITS.
>> NOT SPENDING AS MUCH, WHICH
IS WHAT YOU'RE SEEING IN THE
RETAIL WORLD.
BUT ARE WOMEN, THIS IS A
GENERALIZATION, ARE THEY MORE
SPPBSIBLE WITH MONEY OR LESS?
>> WELL, THAT'S AN INTERESTING
QUESTION.
I THINK WOMEN TEND TO BE MORE
LONG-TERM THINKERS THAN MONEY
THAN MEN DO.
MEN TEND TO BE MORE SHORT-TERM
TRANS-ACTORS.
SO WOMEN MAKE VERY INFORMED
FINANCIAL DECISIONS, THEY WANT
TO GATHER AS MUCH INFORMATION
AS THEY CAN BEFORE THEY MAKE A
FINANCIAL DECISION.
AND THEY WANT TO MAKE IT ON
THEIR OWN, THEY DON'T WANT TO
BE TOLD WHAT TO DO, THEY WANT
TO INFORMATION GATHER.
THAT'S WHY ATITY GROUP WE HAVE
THIS BUSINESS CALLED WOMEN AND
COMPANY THAT I FOUNDED AND
STARTED, WHICH IS TO PROVIDE
WOMEN WITH THAT KIND OF
FINANCIAL INFORMATION AND THE
FINANCIAL TOOLS THAT THEY CAN
USE TO DO THEIR OWN FINANCIAL
PLANNING.
>> ALL RIGHT, LISA CAPUTO,
THANKS FOR COMING HERE.
>> GREAT TO SEE YOU.
>> THAT IS IT FOR "GREATER
BOSTON".
FOR MORE INFORMATION LOG ONTO
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CANDIDATE JACK E. ROBINSON
JOINS US, PLUS ANIMAL PLANET'S
JEFF CORWIN.
THAT AND MORE TOMORROW AT
7:00.
I'M EMILY ROONEY.
GOOD NIGHT.