Academic journal article ABA Banking Journal
Women Feel Less Secure about Their Personal Finances
American women may have come a long way in matters of equality, but when it comes to financial security their traditional doubts prevail, according to an ABA Foundation sponsored survey.
While the most recent Consumer Financial Health Index (CFHI) survey indicates a still healthy economy, there are gender differences in the perception of financial position.
In areas such as savings, sound use of credit, and the ability to meet future financial needs, women--particularly divorced or widowed women--tend to feel less secure about their current finances and future prospects, while men tend to perceive bluer skies and greater economic opportunity.
Some women may be feeling paranoid, but that doesn't mean that the system hasn't hurt them.
"Divorce and separation hurt everyone financially but especially woman," says Mathew Greenwald, of Greeenwald and Associates, Washington, D.C., who conducted the survey. Indeed, women who are married, or women who never married, tended to be financially more secure than their divorced, separated, or widowed counterparts.
In response to the statements listed below the following gender splits resulted:
* Better off today compared to a year ago. (44% of men said agreed; as did 35% of the women)
* Better able to meet future financial needs. (68% of men agreed, as did 58% women)
* Able to live off savings for six months. (58% of men agreed, as did 37% of women)
* Planning to invest more in the coming year. (32% men agreed, as did 25% women)
A recent poll taken by Stern Marketing Group, Berkeley, Calif. …