Many Americans may be looking for ways to improve their personal finance situation, but it may be one gender that is a bit ahead of their counterparts.
More than 45 percent of women have a 401(k) policy, and close to 36 percent noted they have a pension plan to help them achieve retirement someday, according to a report from the Credit Union National Association. In addition, two in five women reported they are the owner of two or more retirement plans.
While a notable amount of this group explained they were doing their part to retire, some had reservations about their ability to do a good job with their finances, overall. The report noted that close to 40 percent of respondents explained they managed the financial situation at their home, and close to half shared this task. But more than 51 percent were worried that they were not doing everything they could. The youngest group polled had a significant amount of concern, as approximately 59 percent did not have the confidence to do this financially.
“It’s surprising that although most women manage their household finances, they lack confidence that they are doing it correctly,” said Paul Gentile, executive vice president of CUNA. “Our findings indicated that women take all the appropriate measures to be confident in their financial literacy but lack the reassuring knowledge to have confidence in how they manage their finances.”
Genders differ on financial goals
In some cases, women and men can view at their financial outlooks differently, and the methods they take to improve their situations can also contrast.
More than 35 percent of men noted they felt they stuck to their financial strategy, while just 31 percent of women said the same thing, according to a report from Northwestern Mutual. However, close to 45 percent of women noted they will try and cut their spending in the next year, when only one-third of men said the same thing.
When it comes to unexpected costs, 60 percent of women noted this was the main issue for trying to improve their finances, the report explained. This was also the same majority response from men, but only 43 percent of that gender noted this problem. Failure to plan was the next highest response for men, as 42 percent said this was a problem, while 54 percent of women noted it was debt issues.