The Gender Gap in Finance
How Women Can Boost Their Financial Confidence
By Northwestern Mutual
Key takeaways:
- A new survey finds that only 51 percent of women say they feel confident or very confident about their finances.
- Working with a trusted advisor can help individuals build a plan to help them be financially secure.
- Providing this peace of mind is how financial planning helps you worry less and live more confidently.
When it comes to how women feel about their finances, a recent survey from Northwestern Mutual finds that just 51 percent of women say they feel confident or very confident. Just 43 percent of women feel financially secure and only 44 percent think they will be financially prepared for retirement. This compares to 59 percent of men who feel financially secure and 61 percent who think they will be financially prepared for retirement.
The bottom line is this: Uncertainty about the future is cutting into confidence for many Americans, and that’s where a trusted advisor can help individuals build a plan to help them take control of their financial futures. This isn’t news to most women: In fact, 66 percent of women think their financial plans need improvement. Younger women are most inclined to agree: Gen Z (79 percent) and Millennials (76 percent).
But even if you’ve thought about working with a financial advisor, misconceptions about how the process works might be holding you back. A good financial plan includes a wide range of options that can help set you on the right path while being flexible enough to account for any detours down the road. These may include:
· An emergency fund
· A plan to manage debt
· Insurance to protect your family
· An investment plan to grow your money
· An estate plan
· A retirement plan
The team at Capital River Wealth Management is here to help! We’re committed to helping our clients form a plan that addresses their needs, wants, and goals.
Knowing you’re on track to reach your goals and that you have a plan for things that could go wrong can help you feel more confident not just about the future but also about spending your money on what’s important today.
And as your life evolves, so will your plan. Good plans are built to be flexible over time. Providing this peace of mind is how financial planning helps you worry less and live more.
Watch our introductory video to learn more about us and our approach to financial planning. Still have questions? Contact us.
About the 2023 Northwestern Mutual Planning & Progress Study
The 2023 Planning & Progress Study was conducted by The Harris Poll on behalf of Northwestern Mutual among 2,740 U.S. adults aged 18 or older. The survey was conducted online between February 13 and March 2, 2023. Data are weighted where necessary by age, gender, race/ethnicity, region, education, marital status, household size, household income, and propensity to be online to bring them in line with their actual proportions in the population. A complete survey methodology is available.
Newsroom | Northwestern Mutual - Planning & Progress Study 2023