While many Americans are looking to create a financial strategy that can both help them now and in the future, there can still be some pitfalls to avoid. A number of women may be dealing with specific issues that could make personal finance issues even more difficult.
Approximately 77 percent of women who are considered to be in a low income bracket noted that they regret not prioritizing their careers and education, according to a report completed jointly between AARP, the Center for American Progress and Maria Shriver. Just 58 percent of the total American population felt the same way.
“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.”
When examining Americans as a whole, 65 percent felt they should have made better financial decisions, the report noted. When considering the women in money trouble in the survey, this level jumped to 77 percent.
Savings a problem for many
While women who are in difficult financial situations may be struggling, many Americans may not be as responsible as they should. According to a report from RetailMeNot, close to 50 percent of Americans noted that they don’t know enough about personal finance topics. Nearly the same level said they don’t have savings to last them more than 30 days in an emergency.
“A large percentage of people surveyed report they are living without any sort of financial safety net,” said Trae Bodge, senior editor for The Real Deal by RetailMeNot. “Saving money is just one part of the financial literacy equation. It is also important that consumers spend wisely to be able to afford the items they need. Making small adjustments to shopping behaviors, like utilizing discounts for everyday purchases, in addition to putting away even a small amount each month, are important steps toward achieving overall financial health.”
However, some people who are saving happen to be in good shape. The report added that the 52 percent with sufficient savings would be able to hold out for eight months.