Women are more in control of their finances than ever, but they’re as scared as men when it comes to planning for retirement.In Prudential’s latest Financial Experience & behaviours Among Women study, both younger and baby boomer women identify themselves as financial beginners, though they feel empowered to call the shots on their own.
We’ve picked out some intriguing charts from Prudential’s study.
Both women (70%) and men (65%) say the slow economic recovery has set them back, but the impact has been more severe for women.
Most American women (53%) are primary breadwinners. Trouble is, their level of responsibility has outpaced their investment confidence. Just 20% of women feel well-prepared to invest compared to 45% of men.
Only 1 in 10 female breadwinners say they feel very knowledgeable about financial products and services.
Most women (70%) see themselves as savers, not investors. The opposite holds true for men, who are willing to take on more risk to reap greater rewards (70%) and actually enjoy investing (40%).
Women aren't convinced they'll have enough money to maintain their lifestyle in retirement. Their biggest concern is not being a financial burden to their children or spouse in old age.
Most women (53%) say a financial advisor is too expensive or they don't have enough assets (51%) to begin with.
Asian and African American women have the highest rates of full-time employment, while white women tend to view themselves as homemakers.
For Hispanic, Asian American and African American women, family caregiving is paramount. African American women are more concerned with reducing personal debt, starting a small business and giving to charity.
Younger women believe they're in the driver's seat and want to prioritise their goals (42%). They're also the hungriest for financial info and the most likely to turn to a friend for recommendations.
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