Numerous studies have shown that when it comes to managing finances, women show a lack of confidence compared to men. To be more specific, a Couples & Money study conducted by Fidelity found that 20% of women had little to no involvement in their couples retirement planning. Furthermore, the same study reported that over half of women respondents (56%) indicated their partner as financially “savvier,” meaning they believe their partner understands more about fiscal investments.
Christina Klenotic, senior vice president at Laurel Road, indirectly agrees with these statistics in her article on gobankingrates.com. Acknowledging the financial inequalities and hardships women have historically encountered, Klenotic emphasizes the differences between men and women in the workforce, which contributes to their lack of financial confidence. For example, compared to 75% of college-educated men, only 54% of college-educated women feel comfortable asking for a raise. This being said, it’s important to note that last year’s study found that only 40% of women felt confident asking for a raise. Therefore, statistics are showing important growth but there’s still significant room for improvement. Additionally, a study by Wealthsimple reported women, on average, invest 40% less of their earnings than men.
Financially Fit Me wants to encourage all females to know their worth and capitalize on their financial future. We want to provide everyone with the tools and confidence they need to be successful when it comes to handling their money. Sign up for free at https://financiallyfitme.com/ and let’s start boosting your confidence today!
Written By: Your Financially Fit Me Team