Trying to get into a better financial situation for the long term is something that is important to many people. However, there may be some women who are seeing improvement in their financial lives, but still need to work on other aspects.
More than 95 percent of women are in charge of their household financial strategy, or are at least on equal footing with their partner, a report completed jointly between Citi and LinkedIn explained. Another three-quarters noted they either contribute the same amount of money or more to their household budget.
Despite these positives, there are still financial worries from many women. Nearly 60 percent noted that saving for retirement was their biggest concern, while student loans came in second, with 46 percent, the report showed. Looking toward the future was also an issue, as two-fifths wanted to ensure they are saving enough money to help their children get an education.
There may be some leveling out in the amount that young women get paid when compared to their elder counterparts. More than half of those women in Generation Y noted that they think making the amount of money they do is comparable to men their age. When looking at women between the ages of 35 and 54, only 44 percent felt the same.
Women take charge of finances
While worries may persist, there could be some notable improvements among women who are trying to improve financially.
Women who are the primary financial decision maker in their home rose to nearly 25 percent this year, a report from Fidelity Investments explained. This was approximately 10 percentage points higher than 2011’s figure. Those women who are in charge of retirement savings strategies also increased markedly during this period. The figure was 19 percent in the latest measurement, significantly higher than the 9 percent two years ago.
“Women are giving so much of themselves at work, with their families, and in the community, but it’s just as important to take the time and ensure all that hard work is protected financially,” said Kathleen Murphy, president of Personal Investing at Fidelity. “While a lot of progress has been made, it’s critical for women to empower themselves by becoming equal partners managing the family finances and in long-term financial planning conversations.”