Women Increasingly Primary Earners, but Not Financially Confident
More than half of women (53%) surveyed recently are the primary breadwinners in their households, yet only 20% consider themselves “very well prepared” with their financial decision making.1
Nearly one-third of those surveyed said they earn more than their spouse as a direct result of the rocky economy. Among male breadwinners, 45% consider themselves “very well prepared” with their financial decision making.
Other key findings:
- Women worry most about household expenses, levels of debt, and saving for retirement. Men worry most about the state of the economy, household expenses, and saving for retirement.
- The majority of women see themselves as “savers” (70%) rather than “investors,” and most are only interested in guaranteed/FDIC-insured products.
- Younger women are experiencing greater financial challenges. Those under age 35 have an unemployment rate of 25%, and 22% don’t own a checking or savings account.
- Women overall are underserved by financial advisors. Two-thirds do not currently work with an advisor. The biggest obstacles are perceived to be cost and lack of funds.
What can you do to increase your financial confidence?
- Seek education about the investment vehicles that can help you reach your goals. Contact local professional/trade associations, women’s groups, community colleges, and adult education centers in your area for information on investment or personal finance seminars taking place.
- Work with an investment professional. An advisor is an excellent source of information and guidance to sort through the many choices available.
- Obtain information about the retirement benefits that are available through your employer and actively participate in any plans offered.
- Most important, recognize the unique challenges you face and start saving and investing as early as possible to overcome them.
To access the 2012-2013 Prudential Research Study: “Financial Experience & Behaviors Among Women,” click here.
1Source: Prudential, “Financial Experience & Behaviors Among Women,” August 2012.