Women and Money – What Statistics Say

September 30, 2016

Women and Money – What Statistics Say

Are women comfortable talking about money? Are we confident in our financial decision-making? How skilled are we at managing money?

Much research is done on the financial behaviors of women. While sometimes these studies are based on the answers of a small number of respondents relative to the general population and should be taken with a grain of salt, it is always eye-opening to see what the stats reveal.

Based on research found in Prudential’s 2014-2015 Financial Experience & Behaviors Among Women Study and Fidelity’s 2015 Investments Money FIT Women Study, here’s what the statistics say about women.

Women Are Earners and Managers

  • Nearly half of women—44%—are the primary breadwinners in their households
  • 27% of married women say they “take control” of financial and retirement planning and manage it themselves

Women Don’t Talk About Money

  • 80% confess they have refrained from discussing their finances with those they are close to
  • 77% of women are confident discussing medical issues with a doctor on their own, but only 47% would be comfortable talking about money and investing with a financial professional
  • 46% of women are inclined to speak with friends about parenting issues, but only 25% are inclined to discuss spending habits and 17% are inclined to discuss investment ideas

Women Are Worried About Our Future

  • 60% worry about not having enough money to last through retirement
  • 50% are often nervous about the financial decisions they make
  • Only 33% of women feel they are on track or ahead of schedule in planning or saving for retirement

Women Are Comfortable with Day-to-Day Money Tasks

  • 79% of women are confident in balancing a checkbook
  • 72% are comfortable with balancing the family budget

Women are Less Comfortable with Long-Term Planning

  • 62% are at least a little confused when it comes to navigating their future financial path
  • Only 28% feel confident in selecting the correct financial investments

Women Want to Improve

  • 62% say they could use more knowledge to enable them to make smart financial decisions
  • 81% say they have become more involved in their long-term financial planning in the last five years
  • 75% want to learn more about money and investing

Takeaways

There are a couple of takeaways from these studies and others similar to them.

We Need To Talk About Money More

As women, we are clearly more comfortable discussing other issues, but this needs to change. Since money affects all of us and touches every area of our lives, it needs to be a part of our conversation.

We Need to Be Intentional

If we are worried about our future as the stats show, then we need to be more intentional about our money decisions. Taking concrete steps to improve the areas that need work will reduce our worry and improve our financial outlook.

What do you think of these stats? Which statistics resonated with you?