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Inflation Is Holding Women Back — 6 Ways To Overcome and Achieve Your Financial Goals

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…

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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…

How Any Woman Can Get Over Her Fears of Investing

If you're a woman paralyzed by a fear of investing, you're far from alone — many women shy away from the stock market due to insecurity and lack of confidence. But the good news is that with a few strategies, you can gradually overcome your fears and start taking control of your finances through smart investment choices.  $2,000 Quarter? Check Your Pockets Before You Use This 2004 CoinFind Out: 3 Things You Must Do When Your Savings Reach $50,000 Why Are Women Afraid of Investing? Women are often intimidated when it comes to investing, especially because the finance world has…

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

5 Things You Should Discuss During Your First Meeting 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…

By Gabrielle Olya

3 Tips To Build Wealth Without Compromising Your Values

You don't have to compromise your values to build wealth. When invested wisely, your dollars can grow your wealth while at the same time improving the world around you. This is the concept behind impact investing, a type of investment that strives to create a positive social and environmental impact. In this "Financially Savvy Female" column, we're chatting with Eva Yazhari, impact investor, author of "The Good Your Money Can Do" and general manager of Beyond Capital Ventures, a women-led impact venture capital firm, about the three steps women can take to build wealth while staying true to their values. See Our…

4 Steps Black Women Can Take To Help Close the Wealth Gap

A 2021 report by Goldman Sachs found that "due to complex historical factors and ongoing discrimination, Black Americans — and especially Black women — remain heavily disadvantaged across a broad range of economic measures, including wealth, earnings and health. The median Black household owns nearly 90% less wealth than the median white household, and the gap is even slightly larger for single Black women relative to single white men." The report found that this is largely due to the gap in earnings, with the hourly earnings gap of Black women standing at 15% relative to white women and 35% relative…

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

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…

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…

4 Benefits Women Should Demand From Their Workplaces

McKinsey's recent Women in the Workplace report found that women leaders are switching jobs at the highest rates ever. As for why women are jumping ship, it's because they "are demanding more from their companies, and they're increasingly willing to switch jobs to get it," the report found. So, what demands are women making? And what should they be demanding? Find Out: 10 Jaw-Dropping Stats About the State of Retirement in AmericaSee: States Whose Economies Are Failing vs. States Whose Economies Are Thriving In this "Financially Savvy Female" column, we're chatting with career experts to find out the benefits women should…

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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More from the Financially Savvy Female

5 Things You Should Discuss During Your First Meeting With a Financial Advisor

Inflation Is Holding Women Back — 6 Ways To Overcome and Achieve Your Financial Goals

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

53% of Women Don’t Consider Themselves Financially Stable: 4 Steps To Securing Your Present & Future

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