single women on the rise
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Article about single women on the rise:
Single Women on the Rise, but Too Often Missing Key Opportunities to Safeguard Their Futures. BOSTON–( BUSINESS WIRE )–New research exploring the financial planning and investing habits of single women – those who have never married, those who have experienced divorce, and those who have outlived a spouse – finds that many may need to take a more proactive approach to growing and protecting their finances. Fidelity Investments’ ® Single Women & Money Study finds that while the overwhelming majority of single women (97 percent) believe it is important to be engaged in managing their money, three factors may be holding them back from taking action: underestimating their knowledge and experience, neglecting to plan for their financial future and saving too heavily in cash.
“ Women have more financial earning and decision-making power today than ever before,” said Kathleen Murphy, president of personal investing at Fidelity. “ And yet, too many limit the benefits of that power by shying away from taking control of their financial futures. As more women are staying single, and others are taking on sole financial responsibility through divorce or outliving a spouse, it’s critical that women be actively involved and invested in the financial choices that can enable them to live the lives they deserve.” Single Women Question their Financial Acumen Despite the fact that single women like having sole control of their finances, their confidence slips when asked about core financial topics. Single women are less likely to consider themselves knowledgeable than other demographic groups when it comes to saving for retirement, creating a financial plan and investing. This perception may be holding some women back from taking the necessary steps to secure their desired financial future. While most single women associate their finances with positive sentiments like security, peace of mind and being in control, they also see their finances as a cause for stress and worry, more so than their male counterparts. Overall, one-in-three single women say they are concerned about their finances, compared to just one-in-five single men. Single Women Think Long Term, but Miss Opportunities to Safeguard Their Future Single women take a long-term view when it comes to their finances. The fact that they are thinking ahead is revealed by the worries weighing on their minds: Top Financial Worries Single Women Single Men Affording to live comfortably in retirement 33% 25% Paying down debt and still saving for the future 31% 24% Being able to pay bills if faced with a job loss 31% 25% While single women may be thinking about their long-term goals and the financial challenges they may face along the way, most still aren’t preparing to meet these challenges by taking steps to curb their spending, reduce their debt, and prepare for a job loss. In fact, when it comes to day-to-day budgeting, nearly half (48 percent) admit they tend to spend without thinking about the long term. Furthermore, single women are the least likely demographic (28 percent) to have a comprehensive financial plan in place to help them set savings goals and navigate paying down debt. And, while they worry about unexpected financial hurdles, nearly half (47 percent) have not put an emergency fund in place to cover three-to-six months of essential expenses. Single women are also likely not to have other long-term financial protections in place that can be critical in times of necessity. Across the board, women who have never married are the least likely to have a number of key safeguards in place, compared to those who have had a partner at some point. Have These Core Financial Safeguards in Place. % of Single Women Overall. % of Women Never Married. % of Divorced Women. Nonetheless, many in this group want to become better prepared, with more than half of singles (51 percent) either saying they need to spend more time on their finances or admitting they don’t spend any time managing their finances at all. It’s Time for Single Savers to Take the Next Step Despite concerns about being able to live well in retirement, single women may need to shift more attention to making sure their hard-earned savings are working equally as hard for their future. Eight-in-ten single women keep a portion of savings in cash, with more than a third (35 percent) report keeping 50 percent or more of their savings liquid. Many singles report wanting to keep savings on hand in case of an emergency, but single women are also twice as likely as their male counterparts to say they keep their savings in cash simply because they don’t know where to invest it. “ While keeping some savings easily accessible in cash to prepare for the unexpected is important, not putting enough to work for you in the market may mean missing out on potential growth over the long term,” said Alexandra Taussig, senior vice president of women investors at Fidelity. “ Today, stowing away funds in a checking or savings account is not enough to keep pace with inflation. If you’re not investing your savings, you may be losing money over time.” Approximately one-in-five single women shies away from investing out of fear of putting her savings at risk. On the flip side, fear also motivates many single women to invest their money, with 38 percent citing fear of not having enough money in the future as a top motivator to invest compared to only 25 percent of single men. Divorced Women Feel More Financially Free, in Control Major life events can often be a catalyst for action with finances. Among divorced women, the overwhelming majority said they feel more in control of their finances now that they’re divorced (84 percent) and have more financial freedom than when they were married (76 percent).
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All the single ladies rebecca
Single women on the rise
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All the single ladies traister
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