Women are taking action against financial stress, Fidelity finds

Women are taking action against financial stress, Fidelity finds
Four-fifths of women are taking control, with Gen Z leading the way in dismantling gender stereotypes.
MAR 01, 2024

While an overwhelming number of women are living with financial anxiety, many are taking active steps to improve their situation and boost their financial confidence, according to new research from Fidelity.

The company’s latest annual research, marking Women’s History Month, draws from a national survey of roughly 3,000 adults and found more than nine in 10 women are confronted with financial stress.

“It’s not uncommon to feel stress when it comes to finances, so it's critical we support women by providing proven ways to help them combat this feeling and build financial confidence,” Sangeeta Moorjani, head of tax exempt markets at Fidelity Investments, said in a statement.

Based on its research on customers participating in workplace retirement plans, Fidelity highlighted three key actions for women to ease their stress:

  • Setting aside emergency savings – compared to 81 percent of women without an emergency fund, only 26 percent of women who have one report feelings of financial stress;
  • Saving for retirement – nearly three in five women (59 percent) who save up to 2 percent of their household income for retirement report high stress levels, compared to just one in three (32 percent) of those putting between 10 percent and 14 percent toward retirement; and
  • Planning for the future – while three-fourths (73 percent) of women who plan out their financial goals and needs only a few days ahead say they feel stressed, that figure drops to 38 percent for those who plan for the next few months.

Even though four-fifths (78 percent) of women have taken financial actions in the past six months, Fidelity found only 19 percent feel confident about their financial situation, pointing to a significant financial confidence gap among women.

But encouragingly, the firm’s Women’s History Month 2024 survey report found more than a third of women – including 44 percent from Gen Z and 32 percent of millennials – are rejecting the stereotype of men being better at managing finances.

Additionally, nearly half of the women surveyed said they have become more open to discussing finances with family and friends over the past six months, or plan to do so in the next six months.

“Encouragingly, women today are debunking the financial stereotypes that have historically held us back,” said Lorna Kapusta, head of women and engagement at Fidelity Investments.

Here's how advisors can help women stuck in the 'sandwich' generation

Latest News

Financial advisors, what is your volatility game plan for client management?
Financial advisors, what is your volatility game plan for client management?

With targeted "comfort calls" and strategically automated follow-ups, advisors who leverage their CRM systems effectively can show up when clients need them most.

Trump eyes no taxes for Americans making less than $150k, says Lutnick
Trump eyes no taxes for Americans making less than $150k, says Lutnick

The plan could offer $24,000 in relief for some taxpayers, but experts warn of consequences.

No new trial for convicted GPB Capital executives
No new trial for convicted GPB Capital executives

"I've seen lots of denial in this business but this GPB thing take the cake," says one industry executive.

BlackRock-led deal for Panama Ports draws ire from China
BlackRock-led deal for Panama Ports draws ire from China

Commentary from state-owned publication blasts sale to investor consortium as "spineless groveling," denting Hong Kong-based firm's stock.

Gold soars past $3,000 as Trump turbocharges record rally
Gold soars past $3,000 as Trump turbocharges record rally

Higher interest rates and a strong US dollar, which traditionally act as headwinds, haven't deterred market-stung investors from seeking refuge in the yellow metal.

SPONSORED Beyond the all-in-one: Why specialization is key in wealth tech

In an industry of broad solutions, firms like intelliflo prove 'you just need tools that play well together'

SPONSORED Record growth: Interval funds emerge as key players in alternative investments

Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies