(856) 235-6300


Home » Financial Planning » 4 Key Findings about Women and Financial Advice

4 Key Findings about Women and Financial Advice

March is National Women’s History Month

In 1987, Congress passed Pub. L. 100-9 designating the month of March as Women’s History Month to highlight the contributions of women to events in history and contemporary society.

Woman executiveToday, women own 1/3 of all companies.

The number of women that are the primary bread winners in their home has tripled in the last 40 years.Diploma and graduation cap

Women earn the majority of advanced degrees.

In it’s 2014 Advice Matters Survey TIAA-CREF surveyed 1,000 adults nationwide to assess attitudes, preferences and behaviors toward receiving financial advice.  The survey yielded 4 key findings when it comes to women and financial confidence after receiving financial advice.

1.  Financial advice has a positive impact on women’s financial confidence. 63% of women who received advice feel confident and 81% of women who have taken advantage of financial advice are more likely to feel informed about retirement planning and retirement savings.

2.  Women are more likely to take action after receiving financial advice. 87% of women took positive steps after receiving advice including:

  • 64% changed spending habits
  • 57%  increased the amount saved each month
  • 53% established a plan for managing debt
  • 51% set up an emergency fund

3.  Getting quality financial advice remains a challenge.  Two thirds of women responded that they have struggled to find a source of financial advice they can trust.  The source of this struggle may be the growing numbers of advice sources from which to choose and who is providing objective advice versus generic advice and educational rules of thumb. 39% of women also report that finding the time to look for financial advice is difficult.

4.  A growing number of women (61% in 2014 up from 51% in 2013) rely on financial service providers for advice. The use of the providers website and online tools increased 8% in 2014 to 41%.  57% of those surveyed would like access to tools and calculators that break down complex advice principles.  Additionally, more than half of women are interested in on-demand webinars or live seminars that cover relevant financial topics.

 

 

 

Comments are closed.