David Lerner Associates: Confidence Plays a Part in the Financial Gender Gap
Women in the U.S. lag behind men in three main areas of their finances: earnings, investments, and savings. A recent Fidelity study identified a major factor that contributes to this issue -- women lack confidence when it comes to handling their finances. Just 28 percent of respondents said they felt confident when it comes to picking investments without help, and 37 percent felt confident about handling retirement planning on their own.
The good news is that women are becoming more aware of their lack of financial literacy. And this quest for financial knowledge could not come at a better time. Women now make up more than half of the professional and technical workforce in the United States. In 38 percent of heterosexual American marriages, the woman earns more than her husband.
As women take a more active role in earning the money, they need to learn how to control and handle the savings and investment side too. Here are some ways to get started:
- Handle your own finances: Don’t delegate this to your husband or partner.
- Read a book: You can find easy-to-read books on basic financial literacy.
- Take a class: Many financial institutions offer seminars and courses that will boost your financial literacy.
- Investigate workplace training: Find out if your employer offers any assistance with financial planning and retirement options.
- Use the internet: There are many options available online that will help you learn how to plan your financial future.
- Work with an experienced advisor: Take advantage of their knowledge and experience. Find someone who will take the time to understand your situation and your goals.
- Take the long view: Don’t chase financial rainbows. Find out about the sensible middle ground of investing.
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.
To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances.
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Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 516-921-4200 Visit our website: www.davidlerner.com
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