David Lerner Associates: Women Trailing Men in Financial Fitness
Most Americans were affected by the Great Recession, and the thought of another future financial shock makes us very uneasy. Women are particularly vulnerable, says a study from FINRA, 2012 National Financial Capability Study, and it’s taking a toll on their lives with higher stress levels, reduced productivity, and decreased well-being. Only 37% of the women surveyed were rated financially fit as opposed to 45% of men.
Financial fitness is largely the result of financial literacy and confidence. Financial literacy is important, because it is linked to actions such as planning for retirement, saving for education or a home, and other important goals.
When asked if they could come up with $2,000 if an unexpected need arose in the next month, 44% of women said they “probably” or “certainly” would not be able to, compared with 34% of men.
Here’s how women can increase their financial fitness:
- Take the quiz: If you can’t answer these five basic questions, find a source online to help you understand these fundamental financial concepts.
- Set financial goals for the year.
- Pay down your debt.
- Put a retirement plan in place.
- Create a budget that allows you to save and contribute to a retirement plan.
You’ll soon find that your financial fitness is on the rise, you’re not susceptible to so much stress, and you’re feeling a lot better.
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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