Women’s financial confidence is on the rise. However, while they continue to make financial progress, they are disproportionately affected by taking time out of the workforce. They are confident in doing everyday financial tasks, but less confident about longer-term financial concerns, particularly in areas around investing.
Women are saying it’s time for a change. They are increasingly more comfortable having a variety of financially-related conversations and are interested in financial education and finding trusted sources of advice. Younger women especially show greater confidence in talking about their finances, providing hope for ongoing progress for future generations of women.
- Nearly half of women say they feel confident about their finances, yet only 28% feel empowered to take action on them.
- For women who work, significantly more (61%) would prefer getting a pay increase than additional time off (39%).
- The majority of women report they are doing well managing their day-to-day finances, but are struggling with saving for emergencies, saving for retirement and building wealth. And 1 in 5 women say it is time to make a change to their finances.
- Women are starting to feel more comfortable talking about money, with 53% saying they would find it easier to talk to other women.
- While women and men have nearly equal influence on day-to-day financial decisions, less than half of women feel they have influence when it comes to investment decisions and 1 in 3 women don’t feel they have the knowledge to be more involved in investing.
The findings of this report provide insights into the progress of women and finances and where they might need additional guidance and support.