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Women Have The Right Financial Priorities

Poll QuestionWomen don’t give themselves enough credit when it comes to financial matters.

The Credit Union National Association’s Women’s Financial Survey found that 51% of women weren’t confident about their financial abilities.

But the women in this survey are more than up to the task. Anyone looking for how to do things the correct way should take note.

Of the 1,042 women polled nationally, 38% of married women manage their family’s finances and 48% co-manage them. Only 8.5% were uninvolved.

“It’s surprising that, although most women manage their household finances, they lack confidence that they are doing it correctly,” said Paul Gentile, CUNA executive vice president of strategic communications and engagement. “Our findings indicated that women take all the appropriate measures to be confident in their financial literacy but lack the reassuring knowledge to have confidence in how they manage their finances.”

We found women’s approach to retirement most impressive.

It’s their No. 1 financial concern – and by a large margin, with a whopping 72.2% identifying their golden years as most important to save for.

And they’re doing something about it: 43.5% have 401(k)s; 28.8%, IRAs; 18.5%, Roth IRAs; and 35.8%, pension plans. Plus, 40% reported using multiple retirement vehicles.

Saving to buy a home came in a distant second, at 10.4%, and to take a vacation was an even more distant third, at 8.8%.

We like these priorities, especially given that women tend to live longer than men and so will have more years to support themselves.

The survey also showed that these long-term savings haven’t shortchanged short-term necessities. More than half of respondents – 52.1% – reported having enough cash set aside in an emergency fund for six months’ worth of expenses.

And they’re not charging what they can’t afford, either. Nearly half of respondents don’t carry a credit card balance.

Given all of these smart decisions, women need to stop shortchanging themselves.

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Ladies, are you confident about how you handle money matters?
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