Midmorning With Aundrea - October 6, 2020 (Part 3)

(Part 3 of 4) Apple's new IOS upgrade brings fun and functionality to your iPhone.

And one former Wall Street investor wants to help women get a bigger slice of the pie by investing.

Seeing you all youip iphone users, get ready for a handful of new tricks in your pocket.

Apple has recently released a new operating system for its mobile devices that bring the fun and the function to your phone .

Cnet's kara tsuboi has the details.

For the first time in a while, apple newest ios release brings some real changes - and useful features - for iphone users.

But just rember, before you update your ios, be sure to backup your iphone into the cloud or onto a computer.

One of the most noticeable new features is the ability to change the look of your home screen with widgets.

Widgets are not new to iphone users, but now they can permanently live on your home screen and whatever size you like.

A new ios14 feature called "widget stack also lets you layer the widgets you use most so you can flip through them when they're all in the same place.

For example, flip through the weather forecast before you see your calendar.

Another new organizational feature is called "app library where apps are auto-organized by type on a new page for you.

This aims to make it easier to find the apps you need, even if they're not on your first few screens.

Imessage users will enjoy being able to "pin frequently used friends or groups to the top of your imessage screen.

And when you're in a group chat, you can create a conversation within a conversation by messaging just one person privately by using the @ sign.

Finally, memojis got an update with new accessories and poses...and it only seems fitting that of course, there's even the option for yours to wear a mask.

For more smartphone tips and tricks, visit cnet.com.

I'm kara tsuboi with cnet for cbs news.

There's often talk of the wage gap between men and women.

But not about how it compounds over a lifetime.

Because women make less, take more time out of their careers to care for children and invest less than men, even women who've successfully saved for retirement..

Can find themselves with a million dollars álessá in assets than their male counterparts.

That's something one wall street titan is on a mission to fix.

Sallie krawcheck: 13:10:31 .

The downturn has been historically the steepest and fastest that we've seen sallie krawcheck has some experience with economic downturns... as "the mos powerful woman on wall street" she had a front row seat to the great recession michelle miller: 13:18:55 // how does the recession of 2008 differ from today?

Sallie krawcheck: 13:19:03 this downturn happened so incredibly rapidly.

We went from bull market to bear market in record-- literally record time.// 13:21:23 the other difference with this downturn, it's a she-cession.

Michelle miller: 13:21:25 a she- cession?

Sallie krawcheck: 13:21:26 it's impac-- a she-cession that is impacting women, unfortunately, more than men.

The last one, '07, '08 was more evenly distributed that's because women hold a large share of jobs in leisure, hospitality and retail...sectors that were hit hard by shutdowns and making covid- 19's impact on women worse are lost earnings due to the gender wage gap -- more than 10- thousand dollars per year -- sallie krawcheck: 13:23:21 women make 82 cents to a man's dollar.

It's slowly getting better.

But to be frank, it's decades away from closing for white women, 100 plus years for black women, and 200 plus years for latinx women.

So just when you're ready to say, "tha is awful and i'm so upset about that," well, the gender wealth gap, wealth is how much money we keep.

// and that gender wealth gap is 32 cents for a man's dollar and just a single digit number of pennies for black women, moving in the wrong direction.

Krawcheck says closing that wealth gap will take more than bigger paychecks.

Sallie krawcheck: 13:14:49 there have been two big drivers of wealth in our country, one of which has been real estate, which people of color have been redlined out of, the other of which has been investing// and women and people of color have been kept out from that.

Her solution?

Ellevest-- created in 2014, the investment platform's mission is to get more money in the hands of women.

"the investmen gap.

You don't know that one?

It's that thing where women aren't getting their fair share because the investment industry and almost all of its tools were built for men, by men."

Sallie krawcheck: 13:30:54 // we have an investing algorithm as other digital first investing platforms do.

Ours is the only one that takes into account you're a woman.

You might say, "wh does that matter?"

I'll tell you why, because we live longer, because we earn less, because our salaries peak sooner.

Michelle miller: 13:31:21 and we keep less.

Sallie krawcheck: 13:31:22 and so therefore, we keep less.

Helping other women build wealth... an idea that took root early in her career.

Michelle miller: 13:14:10 certainly the early '80s, working on wall street sounds like it was hell.

Sallie krawcheck: 13:14:29 it was.

// when i was junior// they were just trying to run me out.

It wasn't even hidden.

There'd be xerox copies of male genitalia left on my desk-- michelle miller: 13:14:48 really?

Sallie krawcheck: 13:14:49 --as a means of humiliating me, embarrassing me and trying to force me out// still, krawcheck climbed, becoming the c-f-o of citigroup and the head of its wealth management division.

She says the reason she was fired in 2008 was because she returned client funds for mis-sold products.

Sallie krawcheck: 13:16:04 // 90% of traders on the trading floors of wall street have been men, 98% of mutual fund dollars have been managed by men, 86% of financial advisors have been men, you know, tho-- with that lack of diversity// does anyone really think the financial crisis of '07 and '08 would have been worse if there had been more women and more people of color?

Nobody does.

The ellevest mission became even more pertinent when the me-too movement gained momentum .

Sallie krawcheck 13:27:52 societal gender imbalances, one of the drivers is money.

// we've received negative messages around money over our whole lives that we're not good at math or we're not good investing// those messages have been harmful.// 13:22:23 // even before the pandemic, the number one source of stress for women, lack of money.

The number one source of stress.

The gender money gap where women have so much less money than men, which means that we, women, have had fewer degrees of freedom than men.

Still, conversations about money are uncomfortable for many women although they are more likely than men to be living paycheck to paycheck.

Michelle miller: 13:39:12 // 61% of women in a recent survey said they would rather talk about their own death-- sallie krawcheck: 13:39:21 yep.

Yeah.

Michelle miller: 13:39:23 --than about money.

Sallie krawcheck: 13:39:24 this is the shame that we, as a society, have imposed on women about money,// 13:40:42 if we put that shame on them so that they're not talking about it, then how do you know what raise to ask for?

You don't.

How do you know how to invest?

You don't.

With tens of millions of people applying for unemployment ... krawcheck decided to pivot.

Sallie krawcheck: 13:32:15 we engaged with our ellevest community-- we-- what-- you know, what should we be doing?

How can we be helping?// 13:32:52 they said to us, "w want more from you.

// can you help us earn more money at work?

Can you help me figure out do i pay off the credit card debt first or do i build an emergency fund?"

A new membership answers those questions by giving access to career and financial advisers..

And rounds up extra change from charges into a savings account.

Michelle miller: 13:38:11 //money membership-- sallie krawcheck: 13:38:15 yeah.

Michelle miller: 13:38:15 --is even impactful for women who don't have a lot of it?

Sallie krawcheck: 13:38:19 yeah.

We worked to keep the price very approachable.

A dollar a month at the entry level// this is the price of a portion of a latte a month in order to get the learning, the education, the ability to save more quickly, and eventually to invest early on.

Small steps, krawcheck says, to help women gain more money and more power.

Sallie krawcheck: 13:24:55 // i'll tell you while money is women's number one source of stress, the taking of action, right, the getting that credit card debt paid off, the investing, right, the having a plan for how you pay off the student loan debt, the building of savings is the number one driver of her confidence in her future.// 13:50:49 there are always actions you can take wherever you are that can improve where you are financially.

Don't turn up your nose.

You may be surprised just how good it is to go vegan.

That story next on mid morning.