David Lerner Associates: Financial Confidence Lower for Women and Seniors
Consumer sentiment fell slightly in December, according to the latest University of Florida consumer survey. The greatest decline was among women and people age 60 or older. The sentiment number is based on five components, and four of the five were down for women. Seniors’ perception of their person financial situation took a 13.6 point dive.
One factor that may be influencing this drop is the Federal Reserve interest rate hike, which will increase the cost of credit card debt and other loans. Managing debt is one of the issues identified as problematic for women, especially those under age 50. Other areas of concern for women are investing, saving for retirement, life insurance protection, and budgeting.
In a Fidelity survey of woman over age 18, just 28 percent of respondents said they felt confident picking investments on their own. In the last year, only 62% of women had reviewed their retirement plan compared to 76% of men, and women are significantly behind men in the amount they have put away.
How to improve your financial confidence:
- Increase your financial literacy. When you don’t understand a subject, it’s tough to feel confident. Many public libraries offer personal financial workshops. Colleges also have financial literacy courses in their extension programs.
- Read personal finance blogs. Find one you like that offers the kind of advice you need. There are hundreds of blogs on the topic. This list will get you started.
- Take charge of your own finances. It may be challenging at first, but once you get on top of it, your confidence will grow.
- Find an expert to help you. You don’t have to learn everything in order to be more confident about handling your finances. Take advantage of the years of study and experience an expert has to offer. They can help you devise both your literacy plan and your financial plan.
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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