Retirement Savings Tops List of Women’s Financial Concerns: CUNA
While they may lack confidence in their overall financial knowledge, some women still see saving for retirement as their No. 1 financial priority.
That’s according to the CUNA Women’s Financial Survey, which polled 1,042 via the Internet from a population of women nationally, with an even distribution of respondents born in each decade from 1920 to 1980, CUNA said.
At 45.3%, the survey revealed that women used 401(k)s the most to save for retirement followed by pension plans at 45.8% and multiple retirement plans at 40%.
Meanwhile, despite the fact that 38% of the married female respondents manage their household finances exclusively and 46% co-manage their household finances, the CUNA survey found that 51.2% of women were not confident in their financial ability.
At 59.1%, this lack of confidence was especially evident among the youngest demographic born between 1980 and 1993, the data showed.
When it comes to balancing checkbooks, paying credit card balances in full each month and maintaining six-month rainy day funds, most women said they do so.
The majority of the survey respondents also said they prioritize long-term goals such as saving for retirement, education and home ownership over saving for vacations and cars.
Still, the CUNA survey found that fewer than half of the respondents across all demographics reported following a monthly budget.