Women are great money managers, but their confidence regarding financial decisions is a bit lacking.
Researchers say that while many women are terrific budgeters, savers and entrepreneurs, they are less likely to be prepared for retirement even though they live longer than men. They also say women should be more engaged, more aware and more confident when it comes to finances.
Financial experts advise women (and everyone really) to do everything now to know where all your collective money is, but also, to make sure you will be financially self-sufficient independently of a partner.
Eve Kaplan, with Kaplan Financial Advisors, reported this in a blog post, “A financial literacy gender gap study by Financial Finesse shows women are more likely than men to leave credit card balances unpaid. Women also have fewer emergency savings funds set up and have a poorer understanding of stocks, bonds and mutual funds than men.”
In another post, Kaplan wrote “When I taught at a university it was clear that men generally were much more confident in the classroom than women. This difference in self-confidence has an enormous impact on the financial planning industry.”
For years, the issue of financial healthy females has interested Sue Smith, President of Ravalli County Federal Credit Union in Hamilton. She said, “The majority of women still unfortunately earn less than men during their working years. The statistics support the fact that most women live longer than men, and will likely end up alone. We must encourage and teach women how to confidently manager their finances.”
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