Everyone wants to have a financial future that is comfortable, regardless of gender. However, some may be feeling they are in a better position to reach these goals than others.
Approximately 65 percent of men think that they are saving the right amount for retirement, according to a report from TIAA-CREF. Women, on the other hand, are not at the same level of confidence. Only 56 percent of those females polled felt they were on the right track to reach their goal.
However, many women do improve after speaking to a professional about their financial management. The report explained that when this happens, 62 percent take more notice of their savings habits, while another 58 percent change how they spend money. Close to 50 percent of women altered how they contributed money to retirement accounts after one of these meetings.
“Women have unique needs when it comes to achieving financial well-being,” said Teresa Hassara, executive vice president and head of the Institutional Business at TIAA-CREF. “They tend to live longer than men. They often interrupt their high-earning years to care for children or elderly parents, which is why it’s so important that women connect with financial advice they trust so that they feel empowered to act on it.”
Short-term savings also important
It can be necessary to plan for the future year-round, but there are potential hurdles for Americans at multiple points in the year that can hurt both short- and long-term savings goals.
Fewer Americans are planning on spending money and build debt this holiday season. Approximately 29 percent noted they will use credit this year, according to a report from Country Financial. However, more than 60 percent are planning on using checks, debit cards or cash to pay for their items.
“As Americans gear up for the holiday shopping season this year, it’s encouraging to see they seem to be considering the bigger financial effects of their spending – a sign that Americans may be putting lessons learned from the recent economic downturn and prolonged recovery into practice,” said Joe Buhrmann, manager of financial security support at Country Financial.
More than 55 percent of those polled explained they have no intentions of creating any debt for themselves this holiday season, the report added. However, 26 percent noted they may create less than $500 of debt.