Photo (cc) by Tax Credits
Women are often praised as good communicators. But when it comes to women discussing personal finances, even with a financial professional, mum’s the word.
According to Fidelity’s new Money FIT Women Study, the majority of women avoid financial conversations because they believe money is “too personal” or “uncomfortable” to discuss, even with those close to them.
It’s not surprising then that a mere 47 percent of women said they’re confident talking about money with a financial professional.
Kristen Robinson, senior vice president of Women and Young Investors for Personal Investing at Fidelity, said that women’s unwarranted confidence gap is preventing them from taking the financial reins.
Women need to take charge of their finances for the simple reason that it’s their money. Today women hold more economic power than ever before … whether individually, or in partnership with a spouse or a professional, women are fully capable of managing their finances. They must if they want to ensure that the money they’ve worked hard to earn is working just as hard for them.
Robinson said Fidelity’s research has shown that when women are financially engaged, they’ve demonstrated stronger savings rates than men.
It’s promising that 3 in 4 women surveyed said they have taken the initiative to save for the future.
“We need to help women recognize that the same qualities that make them dedicated savers, can also empower them to become more confident investors,” Robinson added.
Despite their reluctance to discuss financial matters, the study found that women are eager to learn more about finances. In fact, 92 percent of women said they want to learn more about financial planning, and 3 in 4 women said they want to know more about investing. Robinson said:
This new research illustrates that there is tremendous pent-up demand for financial education among women. They want to get more involved and overcome their confidence gap. It’s time to take control of their future.
Women, how comfortable are you talking about personal finances? Share your comments below or on our Facebook page.
For Fidelity’s tips on how to take charge of your personal finances, click here. And for ideas about how women can prepare their finances for retirement, watch this video: