While they may lack confidence in their overall financial knowledge, the CUNA Women’s Financial Survey released Aug. 6 said saving for retirement is their No. 1 financial priority.
The survey polled 1,042 women via the Internet, with an even distribution of respondents born in each decade from 1920 to 1980.
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.
“It’s surprising that although most women manage their household finances, they lack confidence that they are doing it correctly,” said CUNA Executive Vice President of Strategic Communications and Engagement Paul Gentile. “Our findings indicated that women take all the appropriate measures to be confident in their financial literacy but lack the reassuring knowledge to have confidence in how they manage their finances.”
This lack of confidence was especially evident among the youngest demographic born between 1980 and 1993, with the data showing that 59.1% lacked financial confidence.
Most women polled said they balance checkbooks, pay credit card balances in full each month and maintain six-month rainy day funds. The majority of the survey respondents also said they prioritize long-term goals over saving for vacations and cars.
But, fewer than half reported following a monthly budget.