Many individuals may feel like they would be better off having a specific personal finance plan in place to help more reasonably manage funds, but even doing this may be difficult for some people.
Approximately 60 percent of women who are single noted that they are not making enough money to properly pay for all of their expenses, according to a report conducted by Consumers’ Research and provided to USA Today. This was significantly higher than the overall level of 45 percent.
Even older Americans did not have the financial struggles of single women, as 57 percent of those between the ages of 50 and 59 were in the same position, the report noted.
“I would say that those two are the same thing,” Joe Colangelo, executive director of Consumers’ Research told the news source. “If you aren’t making enough to support your lifestyle, you need to make some life and habit changes.”
Getting by can be difficult
Another analysis found that some American women are dealing with difficult financial tasks, and it is hurting their ability to manage their money. According to a report completed jointly between the Center for American Progress, Maria Shriver and AARP, nearly 80 percent of women who are in a low income bracket felt that they should have put more of a focus on a career and education. This was notably higher than the 58 percent of the total population polled.
A total of 77 percent of women felt that they should have made smarter financial decisions, the report showed. Just 65 percent of Americans noted the same thing.
“AARP applauds The Shriver Report for spearheading a national conversation about women and financial security,” said Nancy LeaMond, executive vice president at AARP. “For so many women today – working two jobs, fretting about retirement, worrying about caregiving responsibilities, and living alone into their elder years – day-to-day challenges squash opportunities for a better job, a better work-life balance, or a more secure future. By engaging our nation in this conversation, we can find common-sense solutions that will strengthen women, families, and our nation as a whole.”
Women who were between the ages of 50 and 64 also explained that they were in an uncomfortable financial spot due to their changing situations, the report added. This included living longer and supporting elderly parents.