When it comes to finances, how many women REALLY feel “in control”? A Bank of America study conducted in 2022 by Ipsos found that 94% of women believe they will be personally responsible for their finances at some point in their lives yet only 48% of women are confident about their finances. Even more disheartening is that a meager 28% feel empowered to take action when it comes to money matters.
So, why is it that we women, while seemingly aware we will have to captain our own fiscal ship at one point, remain standoffish about our finances? Maybe it is because budgeting, saving, investing, and insurance are not exactly riveting topics for most people. Perhaps we don’t want to face the reality of how much debt we have, what we spend on eating out each month, or the amount we should be saving each paycheck to retire comfortably by age 65. It could also be the myriad of competing priorities in women’s lives that keep us from spending time and energy on sharpening our financial picture. We have careers, run households, raise children, start businesses, help aging parents, and so much more.
Regardless of the reason so many women lack confidence when it comes to their finances, it is critical we start taking care of ourselves financially.
We can start by first getting our financial house in order by:
· Assessing your income and your expenses
· Taking a financial inventory by listing what you own and what you owe
· Creating financial goals
Completing these first items will get you started in the right direction. To learn the next steps to help you take control of your financial future, join Central Penn Wealth Advisors at one of our informative presentations. Visit aaa.com/events for a full listing of our upcoming seminars.
Ipsos. (2022). Women, money, confidence: A lifelong relationship.
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