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Women Are in the Financial Control Seat in Their Households, Survey Finds

Women might not have their faces on money yet, but they certainly have their hands on it. A new GOBankingRates survey of more than 1,000 women shows them taking the lead in household money matters — and that comes as no shock to the women who deal with this dynamic in their professional lives. Learn: 4 Best Places To Keep Your Money That Aren't a Checking AccountMore: With a Recession Looming, Make These 3 Retirement Moves To Stay On Track "My experience reflects your research that a majority of women manage the finances in the household," said life and financial…

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March Series Spotlight

Nearly 1 in 3 Women Avoids Thinking About Finances: Why This Is a Huge Mistake

How would you describe your relationship with money? In GOBankingRates' women and finances 2023 survey, key findings revealed nearly one in three women avoids thinking about or dealing with their finances. Thinking about personal finance may not be as enjoyable as taking a vacation or enjoying a spa day, but it's necessary in order for women to establish a healthy relationship with money. Let's look at why it's a huge mistake for women to avoid thinking about finance and what they can do to make it easier to manage their finances. Do You Have a Money Question? Ask an ExpertMore:…

By Heather Taylor

Survey: 53% of Women Say They're Not Financially Stable

Do you consider yourself to be financially stable? In GOBankingRates' 2023 Women & Money survey polling 1,016 American women, 53% of overall respondents said they did not consider themselves to be financially secure or stable. In terms of their ages, 61% of women ages 35 to 44 said they were not financially secure, and it was the same percentage for those ages 45 to 54.  Do You Have a Money Question? Ask An ExpertRelated: 3 Ways to Recession Proof Your Retirement For women who do not feel they are financially stable, what can be done to help them reach a…

All the Ways Inflation Is Holding Women Back

There's a combination of two factors holding women back from achieving their financial goals.  The first factor is a lack of money. In GOBankingRates' 2023 Women & Money survey polling 1,016 American women, 47% of respondents said a lack of money is the biggest barrier to achieving financial goals. A lack of money also keeps 32% of women from actively investing. Do You Have a Money Question? Ask an ExpertLearn More: 3 Ways to Recession Proof Your Retirement The second is the current high cost of living and inflation. Not being able to afford everyday expenses is the biggest source…

How COVID-19 Has Affected Women's Finances 3 Years Later

It's hard to believe it, but it has been three years since COVID-19 was declared a global pandemic. Things have slowly been getting back to normal; but the financial situations of many women are not the same. Social Security: See Why Women Get $354 Per Month Less Than Men With a Recession Looming: Make These 3 Retirement Moves To Stay On Track Every woman has her own unique story, but many share common undertones. Whether changes to work situations impacted paychecks or the pandemic pushed personal lives in different directions, it hasn't been easy for many women to bounce back…

A Focus On Your Money

50% of Women Are Fearful or Avoidant When It Comes To Finance: 7 Ways To Feel More in Control

How do women describe their relationship with money? In GOBankingRates' 2023 Women & Money survey, 50% of overall women surveyed said they would describe their relationship with their personal finances as fearful or avoidant. Women surveyed who identified as fearful told GOBankingRates they are not confident in their ability to manage their money. Those who identified as avoidant said they avoid thinking about or dealing with their finances.  $2,000 Quarter? Check Your Pockets Before You Use This 2004 CoinSee: With a Recession Looming, Make These 3 Retirement Moves To Stay On Track How can women break the cycle and begin…

By Heather Taylor

Fewer Than 1 in 5 Women Is Saving in a Retirement Account

A recent GOBankingRates survey of over 1,000 women found that an alarmingly high percentage of women — 57% — are not investing. The survey also found that the most common investment vehicle among women is a workplace retirement plan, such as a 401(k) or 403(b), but only 17% are taking advantage of these accounts. Find Out: 6 Types of Retirement Income That Aren't TaxableSee: 3 Things You Must Do When Your Savings Reach $50,000 In this "Financially Savvy Female" column, we're chatting with financial experts about why women may not be utilizing these accounts and why they should be. Why Women…

5 Things You Should Discuss With a Financial Advisor

A financial advisor can be an excellent resource to help you make a plan for your money both now and in the future. But if you're new to this world, you might not know how to make the most of your time during an initial meeting. In today's "Financially Savvy Female" column, we're chatting with Jane Voorhees, CFP, director of financial planning at ALINE Wealth, about how to prepare for a first meeting with a financial advisor and what topics you should be discussing. See the List: GOBankingRates' Best Banks of 2023What Money Topics Do You Want Covered? Ask the Financially Savvy Female…

16 Budgeting Tips Every Single Woman Needs To Know

Single people have different budgeting needs than married couples. You don't have two incomes to help pay your bills, but you're in total control of what you do with your money. $2,000 Quarter? Check Your Pockets Before You Use This 2004 CoinMore: 3 Signs You're Serious About Raising Your Credit Score "It's harder to budget as a single person because you are covering all your expenses on one income," said Mari Adam, a certified financial planner in Boca Raton, Florida. "However, there is also a silver lining to being single, and that is you can focus on what is important…

Women and the Workplace

Why Are So Many Moms Out of Work?

Where are the working moms in the labor force? In GOBankingRates' 2023 Women & Money survey, 42% of the moms surveyed said they do not work. $2,000 Quarter? Check Your Pockets Before You Use This 2004 CoinMortgage Interest Rate Forecast for 2023: When Will Rates Go Down? How does this break down on an age basis? While 75% of women who are age 65 and older and are parents said they did not work, this may be less about the concept of being out of work and more about entering into their retirement years. However, 37% of mothers between the…

By Heather Taylor

How To Ask For a Raise — and Get It

A 2018 study by Mintel said that women are 50% less confident about asking for a raise compared to men — 42% of men felt confident about asking for a pay increase compared to just 22% of women. And this lack of confidence may, unfortunately, be warranted to this day. According to a study conducted by CNBC, women are just as likely to ask for a raise but are much less likely to receive one. 52% of the women who asked for more money received the raise compared to 59% of men. This failure to receive raises on the same…

5 Steps Women Can Take To Boost Their Income

The biggest barrier women face in achieving their financial goals is a lack of money. Although many women enjoy successful careers, there is still a gender wage gap to contend with. According to Salary.com, over a 40-year career at median incomes, a woman would take home about $400,000 less than a man. Geography plays a role too; with women in Vermont making 90% of what their male counterparts earn, but women in Wyoming only making 65%. Get Your Questions Answered: Ask The Financially Savvy FemaleStay in the Know: Read More From the Financially Savvy Female It's going to take more than a…

6 Realistic Ways To Avoid Burnout as a Mom Who Works From Home

Being able to work from home has been touted as a huge benefit for working mothers — but this isn't always the case. A recent Bloomberg article called the "work-from-home revolution" a "trap for women," noting that the partner who works from home is usually tasked with taking care of the household and children while also working full time. This is likely contributing to the increased stress working women are feeling. Deloitte's 2022 Women at Work survey found that 53% of women say their stress levels are higher than they were a year ago and 46% feel burned out. Important…

Relationships, Family & Finances

3 Ways To Avoid Becoming Financially Complacent in a Relationship

It's not uncommon for some long-term relationships to experience a shift in dynamics, with one partner becoming financially complacent.  See: 10 Aldi Products Worth BuyingFind Out: With a Recession Looming, Make These 3 Retirement Moves To Stay On Track For example, if one partner starts to earn more money, the other partner may begin to financially rely on the breadwinner. Or, one partner might start taking charge of every aspect of the household's finances. While it's not innately bad for one person in a relationship to earn a little more or prioritize paying the bills, Jessica Alderson — relationship expert…

By Heather Taylor

The Biggest Money Mistakes Women Make in Relationships

In today's "Financially Savvy Female" column, we chat with Shelly-Ann Eweka, CFP, senior director of financial planning strategy at TIAA, about the three biggest money mistakes women make in relationships — plus, how to successfully talk about finances with your partner. Social Security: Women Get $354 Per Month Less Than Men – Here's WhyRead: With a Recession Looming, Make These 3 Retirement Moves To Stay On Track Mistake #1: Not Talking About Finances Soon Enough You may not want to talk about money on a first date, but it's a topic that should be discussed before you're opening a joint…

Warning Signs That You’re in a Financially Abusive Relationship

Financial abuse is a form of domestic violence characterized by controlling, misleading or hurting another person via shared finances. This type of violence is more commonly experienced by women — and they may not even realize it's happening. In this "Financially Savvy Female" column, we're chatting with Carrie Schwab-Pomerantz, president of the Charles Schwab Foundation, about the warning signs you are in a financially abusive relationship and what to do if you are a victim of this type of violence. What does financial abuse entail? Many people don't recognize that financial abuse is a form of domestic violence, but in…

Should You Move in With Your Partner To Save Money?

Moving in with a partner is a major step in a relationship — but many couples are basing this decision on something other than long-term compatibility. A recent Realtor.com survey found that 63% of people who have moved in with a romantic partner said that their decision was impacted by finances and/or logistics. This was especially common among younger people: 80% of Gen Z and 76% of millennials said that one or both of these things were a factor in moving in with a romantic partner. Find: Check Your $2 Bills — They Could Be Worth Upwards of $4,500With a…

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