Bedminster, NJ, June 02, 2023 (GLOBE NEWSWIRE) — According to a 2020 McKinsey & Company Study, if there is one thing we learned from 2020, it’s that those in the beauty industry face significant uncertainty, especially surrounding finances. And yet, one financial planner has built her practice breaking down barriers to financial literacy in the industry and builds resilient, profitable futures for her clients. Northwestern Mutual’s Jessica Cueman, is offering artists a broad range of services to help them achieve their financial goals, applying her own experience as a hairstylist of over a decade.
During her time as a hairstylist, she experienced a lack of financial literacy among her peers. “The finance world is not easily accessible in the beauty industry. The support simply isn’t there,” says Cueman, based in Bedminster, New Jersey. “I worked in the beauty industry for so long, and everyone was constantly looking for a good accountant, without ever thinking of a financial planner. While an accountant is important and can help you save money for the current year, your financial planner helps you get organized, and plan out the next 30-40 years.”
She adds, “Beauty is all about feeling good, so I make my clients feel good about their progress. I want to show people in the industry that the support they need is there. They don’t have to feel lost, especially when they ask questions like: ‘How do we create a career that’s sustainable until retirement?’”
The industry offers great potential for people of diverse backgrounds to launch their own businesses and enjoy the independence that comes with being business owners. But the path to this success is blocked for many due to a lack of financial literacy, and this can create major roadblocks on the path to a sustainable career.
In the financial industry, 97% of advisors are white males. 3% are Hispanic, African American, Asian, and/or women. The average age of a financial planner is 57 years old. Jessica is part of the 1% of women in the financial industry and is in her early 30s. So, how does this help the beauty industry?
Out of the 1.3 million people who work in the beauty industry, 83 percent of these workers are women, typically starting their careers in their early 20s. These young women seek out someone they can relate to, and a 57-year-old male with no beauty experience is rarely the ideal match.
Jessica’s initiative is to impact women and educate them on financial literacy, and with her help, she hopes to bridge the gap between women entrepreneurs and financial planning.
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