How are women actually doing?

This week I read a study on women and money – and I had to share the findings with you.

Many of my clients come to me feeling behind financially and embarrassed about their lack of financial knowledge.

Many feel guilty for not prioritizing their finances earlier in life.

This survey highlights how women across generations and income levels are managing their finances, the challenges they face, and their financial goals.

It points to the fact that not only is financial illiteracy extremely common, it is a driving factor behind the lack of women investors.

Key Takeaways:

Budgeting and Expenses: On average, 63% of women’s income is spent on necessities like housing, transportation, and healthcare.

At the end of each month, 64% of women have under $500 left, with $422 being the average amount remaining.

Investment Participation: Only 39% of women are currently invested.

Investment behaviour varies significantly with age, income level, and financial literacy, with higher participation among Gen X and those earning over $75,000 annually.

Financial Generosity: 1 in 5 women have helped someone with a significant expense while struggling to meet their own financial needs. Despite tight budgets, women are actively supporting others.

Women’s Confidence and Financial Management:

Despite economic challenges, women are confident money managers. The survey found that women are resilient and are want to learn more about saving and investing.

Challenges and Barriers:

Women face several barriers when it comes to investing. Many women feel like they don’t have enough money to invest and are worried about losing money.

Many women don’t view themselves as investors, despite holding retirement accounts.

Women are expected to inherit significant wealth by 2030, and confidence in financial decision-making is crucial.

Action Points you can take today:

Establish an Emergency Fund: Make sure you have an emergency fund before you start helping others financially. Protecting yourself first places you in a position to help others without putting yourself at risk.

Secure Your Retirement Savings: Ensure you have strategic retirement savings. Traditional pensions are not enough. Your emergency fund and retirement investments are the bare minimum for financial security.

We need more women investing! With only 39% currently invested, it’s essential that we step up. There are more women than ever in the workforce. We have a responsibility to learn how to manage money and ensure our income and savings are used for good.

If you feel like you are behind, or not where you want to be financially – you are not alone.

We have the power to change these statistics.

We cannot let ourselves be intimidated by money, by investing or by making our own financial decisions.

We have accomplished so much, and this is our next step.