According to recent research, 55 percent of women and 60 percent of men are confident in their abilities to handle their finances.
According to new data, women are catching up to men in terms of self-assessed financial prowess.
According to U.S. Bank’s 2022 Women and Wealth Insights research, 55 percent of women and 60 percent of men are confident in their capacity to handle their finances. In the bank’s same-named study two years earlier, those figures were 48 percent and 61 percent, respectively.
For the study, about 3,000 persons with investable assets of at least $25,000 were polled. The survey for the 2022 report was performed in late summer 2021; the survey results for the 2020 report were based on results from a comparable time period in 2019.
Younger women appear to be spearheading the confidence charge: Females under the age of 35 account for 71 percent of the population (up from 56 percent two years ago), compared to 53 percent for those aged 35 to 54 and 46 percent for those aged 55 and up.
The pandemic also made a positive contribution to women’s increased confidence.
There were various ways for women who wished to increase their financial expertise, such as investing, debt management, or retirement planning, to get information online without showing their inexperience.
According to the study, the percentage of women who are certain that they will be able to retire when they are ready has increased from 48% to 57 percent in the last two years. Men, on the other hand, make up 62% of the population (up slightly from 61 percent in the 2020 report.)
Of course, this means that 43 percent of women are still unsure about their long-term savings plans. If you’re one of them and don’t know where to start, experts say all you have to do is get over the first hurdle.
The simplest option is to make sure you’re enrolled in your company’s 401(k) plan and contributing enough to qualify for the company’s matching contribution, if one exists.
“It’s fine to start modest, like investing $100 a month,” Tolitsky added, “as long as you get started.”
And, whether it’s about saving, debt management, budgeting, or another financial topic, spend some time learning about the things that will help you achieve your goals.