Women Step Up to the Financial Challenge
What a difference 10 years can make! The 10th anniversary edition of Prudential's "Financial Experience & Behaviors Among Women" study demonstrates the strides women have made toward forging their own financial destiny. This special anniversary study acknowledges the many unique challenges women bravely faced over the past decade—coming out on the other side stronger, wiser, and better prepared. And while some gaps persist in financial knowledge and confidence, women are decidedly intent on writing their own success stories.
Read Prudential business leaders' thoughts on the survey results.
Key takeaways from the study:
- Women are more involved than ever in their households' investment and financial decision-making. In fact, 95% of women are the financial decision-makers in their households.
- The economic crisis has heightened women's recognition of the need to develop a financial plan that will meet long-term financial goals. The survey reveals that 57% of women feel that the market plunge has led them to become more cautious with their money.
- Women are not confident about making financial decisions and do not fully understand many of the increasingly sophisticated financial products that are available. Most of women polled (86%) believe that they do not know how to choose financial products.
- While women have become more knowledgeable about retirement and insurance products, more attention to the specifics of retirement security is warranted. Of those polled, 51% stated that they are not knowledgeable about generating income in retirement.
- Women are optimistic about the future and have a strong desire for financial education and guidance. When asked about the outlook of the economic recovery, 11% were very optimistic and 44% were somewhat optimistic.
The survey, administered in February 2010, polled 1,250 American women on their financial knowledge, actions taken, and confidence in attaining their financial goals. Participants were a national sample of sole and joint heads of households between the ages of 25 and 68, with a 2009 household income of $50,000 or more.
