Women Feel Concerned with Their Finances

A continuing trend – Women feel concerned about their finances, according to a recent study sighted in “When Living Longer is a Risk for Women” by Ruthie Ackerman (click HERE for link to full article)

Highlights of the article include:

During their lifetimes, women tend to make less money than men and, in turn, save less for retirement. This leaves them more vulnerable in their later years and with fewer options.

The financial crisis only served to compound women’s concerns about not having enough money to last throughout their lifetimes.

Now a report released last week from LIMRA indicated that more than half of middle-income women surveyed felt unsatisfied with their current financial situation and uncertain about their future financial needs.

Almost a third of the women surveyed don’t know how to achieve their financial goals.

Women in the middle market expressed more concern about their financial well-being than men

The recession has been hard on middle-income Americans, with many indicating that they have not made any progress or fallen behind on their financial goals. 

Women we surveyed seemed to be more receptive to listening to financial advice for the tools and advice needed to achieve their financial goals.

54% of women feel like they are not saving enough. Part of the reason for women’s worries about retirement savings is that women tend to be more risk-adverse and less likely to invest in stocks and mutual funds, which cuts into their savings, according to LIMRA.  This could be an opportunity for financial advisors to speak to their female clients about appropriate investments, which could help them attain higher returns on their assets 

Only 4 in 10 women say they develop a budget and follow through with it, LIMRA found. Even something as simple as a budget could help.

Are you are more concerned about your financial future? Do you know if you’re on track? Click HERE for a FREE Roadmap to find out if you’re on Track!