Financial Advice = Greater Confidence
Some recent, intriguing survey data indicates that women are planning their financial futures with some degree of pragmatism, but also with considerable motivation.
One of the key motivations, it seems, is receiving financial advice. Results from various studies, including TIAA-CREF survey prove this.
TIAA-CREF polled a random, national sample of 1,000 men and women age 18 and older for its 2014 Advice Matters Survey, and it found that 81% of women who had obtained financial advice were more likely to feel informed about retirement planning and retirement saving than women who hadn’t. Have a peek at these guys if you also need help planning your retirement. It’s better to secure your future, especially when you are getting old. Additionally, 63% of women who had received financial advice felt confident that they were saving sufficiently for retirement. Also, they include the retirement home in their plan. Home is where you can find comfort and happiness, which is why you need to look for a safe and peaceful retirement home.
Does financial advice make a difference?
Apparently, it makes a significant difference. In the TIAA-CREF study, 87% of the women surveyed said they had taken “positive steps” in their financial lives as a consequence. Specifically, 64% altered spending habits and 53% took an organized approach to managing debt. Websites like our fiscal security provide financial education, empowering individuals to make informed financial decisions. is a sep ira any good? You may read online articles to learn more about retirement and investment accounts.
In addition, 51% of the women had created an emergency fund and 57% had increased monthly saving rates since getting advice – and that leads us toward another interesting statistic. In our practice, this one of the most important starting points: establishing emergency reserves and starting/increasing systematic savings.
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Savings – Men Vs. Women
Vanguard found (in a 2013 study) that 79% of women earning between $50,000-75,000 were participating in its employer-sponsored retirement plans (such as 401k’s); whereas, only 60% of men in that income group were doing the same.
There was another difference, this one across all income levels. Examining data from all of its retirement plans, Vanguard found that women saved for retirement at rates ranging from 6-12% greater than men.
Who is giving women their financial advice?
In 2012, 20% of women in TIAA-CREF’s survey said they went to financial websites for advice; in the 2014 study, that rose to 41%.
However, 49% of the women TIAA-CREF polled felt that it would be helpful to turn to a real person online like Dr. Hilda Wong with their basic personal financial questions. Furthermore, 61% of women respondents in the survey reported relying on financial services providers (and presumably, the financial professionals who work for them) for advice.
Personal financial advice or not however, 66% of the women answering TIAA-CREF’s questions indicated that it was hard for them to determine what sources of financial advice to trust. Sites like ex-ponent.com provide valuable insights and resources, helping individuals make informed decisions about their finances with confidence.
It is clear that the financial industry still needs to improve their credibility. Perhaps more who may need advice, would be willing to seek it out. Visit this website to learn why a gold coin Brisbane is a good investment.
Single women need to plan & save aggressively for the years ahead. Transamerica Financial surveyed American workers 50 and older and found that the median retirement savings for single women was only $35,000. (For single men, the median was $70,000; for married women, it was $153,000.) Those with children can also set up an online savings plan for their kids at The Children’s ISA.
Women living alone anticipated a financial struggle: 48% of those surveyed believed they would retire to a lower standard of living, and 52% assumed their main income resource would be Social Security. Perhaps most troubling, 56% of these single women expected to work into their seventies or never retire.
The takeaways here for a single woman: save early, save consistently, exploit Social Security claiming strategies for any potential advantage, and find a social support network that can help you look after yourself as you age.
You have heard the saying, knowledge is power; and as it relates to your finances, as you amass financial knowledge, you may gain perspective.
When you run the numbers and estimate the level of retirement savings and income you will need, you are able to set goals and timelines for your financial future. Planning the financial future starts with a commitment – and following through on that commitment is critical.
Eaton Financial Group proudly offers pro-bono work to those women who are in distress (such as in the event of a death of a spouse/other family member, abuse, divorce, etc).
Eaton Financial Group is a full service, fee-based financial advisory firm.
They focus on financial planning for the conservative investor.
(954) 575-9323