For many women, financial moves don’t show up first as investment choices or retirement planning conversations. Instead, they’re reflected in personal and family decisions about caregiving, education, housing, careers and support for loved ones. Those choices impact lifetime earnings, retirement savings, wealth and future options. Summit Credit Union CEO and President Kim Sponem says a strong financial future starts with an intentional next move.
Kim Sponem, CEO and President, Summit Credit Union Buying a home with an extra bedroom for an aging parent. Going back to school to grow your career and create opportunities for your family. Hiring another employee or even buying a building to expand a business. Most people think of these as life decisions, not financial ones.
But they can have the greatest impact on a woman’s long-term financial future, says Kim Sponem, CEO and president of Summit Credit Union. And women often make these types of decisions while first considering how they’ll affect children, partners, parents and communities.
That’s not hesitation. It’s intention.
Sponem says financial security is built gradually through a series of decisions, not one defining moment, and women face unique financial challenges along the way. Longer lifespans, less lifetime earnings,(1) nearly 60% lower average retirement account balances(2) and 20% lower Social Security benefits(3) — it compounds over time and women are at higher risk for poverty in retirement.(4)
YOUR NEXT GOAL STARTS WITH A NEXT STEP
Whether you’re taking control of your money management, paying down debt, buying a home, growing your career or starting a business, progress happens one decision at a time. The right tools, information and perspective can help you keep moving.
“Women are making choices that benefit everyone around them,” says Sponem.
“What isn’t always visible in the moment is how those choices may affect their lifetime earnings, retirement savings, and ability to build wealth and future opportunities.”
READ ON FOR WAYS TO:
- Build your future while supporting the people you love
- Build your career to shape more than your next paycheck
- Build stability and opportunity through homeownership
- Build on what’s possible with business ownership
BUILD YOUR FUTURE WHILE SUPPORTING THE PEOPLE YOU LOVE
Women are often planners, caregivers and problem-solvers in their families.
They support children, aging parents, partners and loved ones — sometimes taking time off work to provide care, gifting money or putting their own goals on hold.
“Women often don’t overspend. They over-support,” Sponem says. “The goal isn’t choosing between caring for others or caring for yourself, but creating opportunities where you can do both.”
That balance matters because, while supporting loved ones is meaningful, it can affect retirement or emergency funds and future financial security.
Especially when it interrupts consistent saving or investing.
In creating more for the future, small moves build on each other over time — like understanding where money is going, spending with intention to reflect priorities and creating consistent savings habits.
Carisa worked with a financial coach to pay off her car and credit card debt, used digital banking tools to budget and took control of her finances. She talked through her credit, took a homebuying course and bought the home she wanted to create stability for her and her young daughter.
“Seeing I can make all this work made me feel owning a home was doable,” Carisa says. “I went from paying rent to investing in my family’s future and building generational wealth for my daughter. It’s a strong foundation for other goals, too.”
For Heather, automating monthly transfers into her young son’s account is helping create a future — for him and for her.
“We’re building my son’s savings little by little without me having to think about it,” Heather says. “That money is for him, but it’s also helping me build a savings habit of my own.”
Heather and Carisa are among the Summit Project Money participants who have collectively reduced debt by more than $700,000 and increased savings by more than $680,000 over the years. They publicly shared what they learned during the financial education program so others can take similar steps.
Women have always learned from one another and financial decisions are no different. Hearing another woman’s experience provides perspective, encouragement and ideas for your own next move.
Create a support system that includes you — so you can care for loved ones while continuing to save, plan and move toward your own goals.
BUILD YOUR CAREER TO SHAPE MORE THAN YOUR NEXT PAYCHECK
Career decisions affect much more than your paycheck today. They also influence retirement contributions, investment opportunities, Social Security benefits and the financial choices available later in life.
“People often think of earning power as income. I think of it as opportunity,” Sponem says. “What you earn today can shape what you’re able to save and build for decades.”
Even a small boost in earnings early on in a career compounds over time to have significant impact on wealth. An $11,000 gap in starting salary becomes a difference of more than $800,000 over a 40-year career, assuming a 3% annual raise. And that doesn’t account for the bonuses and retirement fund matches tied to a salary.
Earning power grows through a decision to go back to school, build a new skill, re-enter the workforce after time off for family, step into a leadership opportunity or prepare for a compensation conversation.
That action creates real change in a world where women face lower full-time earnings (83.1% of what men make(5)), higher student debt, fewer paths into high-wage fields and leadership gaps that slow future income growth.
Casey Cronin knows the power of a career change after going back to school for her bachelor’s degree in business administration and moving from her branch manager role at Summit to a risk analyst position.
“Getting my bachelor’s degree showed me how much I’m capable of and gave me confidence to pursue new opportunities, keep growing and take the next step in my career,” Casey says. “I’m also proud to show my daughters the importance of determination, lifelong learning and believing in yourself.”
Sponem says helping women grow earning power is one of the most powerful ways to create long-term financial security — and the impact reaches far and wide.
“When women succeed and have equal economic power, everyone benefits,” Sponem says. “If the gender wage gap were eliminated, there would be an additional $541 billion(6) for working women to put toward family needs like childcare, groceries and emergency savings.”
Turn your career decisions into greater earning power, stronger retirement security and more options for the life you want.
Questions to consider when pursuing career opportunities:
- What education, certification or other opportunities could increase my earning power in the next five years, and what doors might that open?
- What additional long-term saving becomes possible if my income grows?
- What resources could help me take the next step sooner?
BUILD STABILITY AND OPPORTUNITY THROUGH HOMEOWNERSHIP
A home is more than a place to live. For many women, it’s a big step to building wealth and stability. It also expands opportunities through life’s transitions in the future — maybe a growing family needs more space, aging parents move in, a renovation better supports changing living needs or home equity provides money to start a business.
“Housing decisions are often building equity, flexibility and financial options that have long-term benefits,” Sponem says.
With two teenagers gearing up for college and lots of plans for their family’s future, Angie and husband Cris used the equity in their home to consolidate high-interest debt into a home equity line of credit (HELOC). That same HELOC is now handy for the unexpected.
“We can make whatever needs to happen, happen, without using a high- rate credit card,” Angie says. “Like when we needed new siding or our water heater went out, we just transferred money from our HELOC to pay for it.”
Carla wanted to create stability for her family’s future with a home of her own. She joined Summit’s Women Build Equity HomeSaver Match program — which combines financial education with a $10,000 match toward a down payment or closing costs. She gained new financial skills, paid off credit cards, saved for a down payment and bought her first home.
Look at each home decision as a way to build your wealth and open doors to what’s possible next.
Questions to consider for homeownership:
- What opportunities could my housing decisions create for my family and what changes would help me get closer?
- Am I making the most of my home equity?
- Are there programs, resources or options I haven’t explored yet?
BUILD ON WHAT’S POSSIBLE WITH BUSINESS OWNERSHIP
Whether starting a company, expanding a business or investing in property, business ownership can make all the difference in financial security.
“Businesses aren’t just a source of income,” Sponem says. “They’re a valuable asset that creates opportunities to build wealth and stability, and to leave a lasting impact on families and communities.”
Women are launching nearly half of all new businesses in the United States(7), often investing their own resources to bring those ideas to life.
For Christine, buying a building was the next step to protect her 20-year boutique business. Faced with rising rent and a temporary location, the property gave her business stability and even room to add a wine bar. With an apartment above her boutique, it was also an opportunity for her daughter, Anjanette, to start a goal of her own — property ownership and management.
Talking through their business opportunities and securing financing with Summit, Christine and Anjanette bought the property together. Today, they support three businesses serving their community.
“This building gives us possibilities to do whatever we want to do. It’s security and an investment in the future for both of us,” Christine says. “Summit treated us with a level of belief and respect I hadn’t experienced at a financial institution before.”
Grow your business vision by taking steps that create stability today and long-term value for the future.
Questions to consider when building or pursuing a business:
- Am I thinking about my business as income or as an asset that creates future opportunities?
- What would success look like five years from now?
- What support would help me take confident next steps and what becomes possible if I do?
KEEP YOUR MOMENTUM GOING
Big financial outcomes often start with decisions that don’t feel financial. Summit has spent more than two decades building coaching, education and tools designed to help women make confident next moves and accelerate their progress. Start with one move that matters most to you:
- Save automatically toward your next goal. Set up recurring transfers into savings—even create sub-accounts and custom-name them (Beach Vacay, Retirement Fun, etc.). Also, track and add to your progress using the Savings Goal tool in digital banking.
- See exactly where your money is going. Use the Spending Analysis tool in digital banking to track and sort your spending by category instantly for you. Spot spending patterns and opportunities to make changes for your priorities.
- Meet with a Summit financial coach. Identify opportunities you may not see on your own or talk through financial decisions that shape long-term outcomes.
- Learn from others through Project Money. Get practical tips from teams working with Summit financial coaches to grow savings, reduce debt and create life-changing money habits.
- Use SummitCreditUnion.com resources. Explore digital tools, financial education and events you can use at no cost to build wealth and security.
*The Wisconsin’s #1 Mortgage Lender designation is based on the number of loans in 2025, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the Consumer Financial Protection Bureau’s website. LEI: 254900NTAC4H10MGSU23. **SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2025.
- National Women’s Law Center, The Lifetime Wage Gap, State by State, March 25, 2026.
- T. Rowe Price, Ways to help women overcome the retirement savings gap and boost confidence, February 2025.
- Forbes, Top Gender Pay Gap Statistics, July 2026.
- National Institute on Retirement Security, March 2016.
- U.S. Bureau of Labor Statistics, April 2023.
- Institute for Women’s Policy Research, Economic Impact of Equal Pay by State, May 2021
- Experian, Women-Owned Small Businesses Growing Faster Than Male-Owned, March 23, 2026
