Women report feeling less financially secure than their male counterparts in latest COUNTRY FinancialÂ® Security Index survey
For centuries women have fought for a just and more equal world. Theyâ€™ve aimed for changes in government, education, employment, family life and more. Yet in spite of the numerous advances and societal progress theyâ€™ve carved through their efforts, there are areas where they continue to lag such as personal finance. This is true especially in terms of their confidence with personal money matters.
This struggle is reflected in the latest COUNTRY Financial Security IndexÂ® suvey where we found 41 percent of American men polled believe their level of financial security is, â€śgood,â€ť compared to 37 percent of women.
Among minorities, the level of confidence decreased even further. See the chart below:
Apart from current sentiment about their financial states, we also discovered most womenâ€™s optimism about the future is a bit lower compared to men. Men seem to be more convinced or they at least tell themselves they will have a bright financial future.
â€śWomen donâ€™t feel nearly as confident as men do when it comes to certain things such as setting money aside for savings or investments,â€ť said Erin Klein,Â Supervisor of COUNTRY Capital Management Company Sales and Business Solutions. â€śWomen have so many hurdles and that could be why they also have a bleaker outlook about their insurance coverage and towards their ability to pay their bills as they come due.â€ť
- Thirty-two percent of men think their financial security is getting better
- About one in four, or 25 percent of women think their situation is improving
- Leaving close to three in four, (76 percent) with no hope for a brighter tomorrow
Help is here
Male or female, if you donâ€™t think youâ€™re on the best financial track you can be, now would be a good time to assess your needs and refocus your plan.
- Evaluate your monthly expenses, determine areas where youâ€™re falling short
- Find areas where you can cut back, then reduce these expenses
- Open an IRA or make sure youâ€™re maxing out your IRA
- Contribute to your employer sponsored retirement plan
- Consider a college savings plan
Rule of Thumb
Make sure you’re doing everything possible to maximize your savings and live within your means. Achieving a greater sense of financial security can give you the gumption to really get there. Just have confidence.
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