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Financial Guidance That Women Want Most: Survey
As seen on financialadvisoriq.com
More women are taking a proactive approach with their personal finances, including getting help from financial professionals, amid the Covid-19 pandemic, a recent survey finds.
Seven in 10 women surveyed in February said they plan to take action with their money in the next six months, according to Fidelity Investments. Nearly 60% want more help to get started.
The findings are based on an online survey of 1,003 adult women across the U.S. conducted for Fidelity by independent research firm Engine Insights.
With more money in their pockets, women are taking steps to ensure their financial well-being, such as turning to financial advisors for help, Fidelity notes.
A separate study conducted by Wells Fargo in January among 2,195 women shows that 54% percent of the partnered women among the respondents earn the same or more than their spouse. And nearly one-third of the millennial and Gen X women surveyed are primary breadwinners, compared with 20% of baby boomers and “traditionalists,” or those born between 1928 and 1945.
More than one-third, or 34% of the women surveyed by Fidelity said that moving “everything virtual” during the pandemic has made it easier for them to reach out to a financial professional.
About 60% of the respondents said they discuss financial topics with people around them, an increase from 34% since the start of the pandemic, the Fidelity survey shows.
The Fidelity survey also shows that women of different age groups have different financial priorities.
Most millennial women are seeking help with investing goals beyond retirement needs, while Generation X women are interested in finding advisors who can help their money grow and determining how much they need for retirement, according to Fidelity.
“Despite these stressors and day-to-day challenges, the pandemic continues to be a catalyst for women to want to get more hands-on with their finances,” Fidelity says. “Women are not only feeling hopeful about the year ahead but also planning to take steps to ensure their financial well-being.”
Fidelity says 79% of the women surveyed feel weighed down by job- and money-related stress, up from 67% last fall. Most are stressed about retirement savings and not having enough to live comfortably in retirement and about their ability to save for goals beyond just their retirement needs, according to Fidelity.
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