No matter what position a person is in, many will try to improve their financial strategies as often as possible. This may be something that many women are specifically looking to do, though some may be experiencing issues.
Close to one-quarter of women are making the majority of financial decisions in their home, according to a report from Fidelity Investments. This was significantly higher than the 15 percent recorded two years ago. Another notable gain was the level of those dealing with retirement decisions for a couple, which increased to nearly one-fifth this year, 10 percentage points higher than the 2011 report.
Despite this higher level of money management, there are still some problems with how women see themselves as investors. The report explained that more than half of men polled are confident in their financial knowledge, while only 45 percent of women felt the same way about themselves. On the other hand, approximately 52 percent of women feel their spouse is trustworthy to manage this role, and 43 percent of men felt the same.
“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.”
Retirement planning issues persist for some
Getting the financial discipline to make investments is an important tool, but many may not be doing this correctly, no matter their gender. Some may be lacking focus on investments that will prepare for later in life, such as their retirement strategy.
While only 8 percent of those who have yet to retire think their living standard will suffer once they enter retirement, this is not the case for those who are already in retirement, a report from ING U.S. explained. More than 30 percent of those who have retired noted that they are dealing with a lower standard of living now than before they stopped working.
However, some would be willing to change their current lifestyle to improve their lives later on. The report showed that four in five pre-retirees explained they would stop spending so much now so they could have some type of retirement fund guarantee in place.