A new study from Fidelity Investments shows the vast majority of women want to take a bigger role in their personal finances. 92% of participants said they desired to learn about financial planning, and 83% wanted to get more involved with their finances this year.
Four out of five women said they refrained from discussing their personal finances with other people, even among family and friends. The top reason women gave for avoiding these discussions is that they are just "too personal."
Surprisingly, women were reluctant to talk about finances even in marriage, where finances are usually shared between partners. This parallels the findings from an American Consumer Credit Counseling survey, which showed 50% of Americans lie about money in their personal relationships.
"Studies show that women actually demonstrate stronger saving rates than their male counterparts and have historically enjoyed better long term investment performance when they do engage," said Kathleen Murphy, president of Personal Investing at Fidelity, in a statement. "Unfortunately, too many women still hesitate to take control of their investments."
90% of women will be the sole financial decision makers for their household at one point in their lives, so it is important for women to understand how to manage money and effectively plan for the future. 60% of women said they worried about having enough money saved to last through retirement, but 37% said they have not done enough research to understand their options.
A little over one-third of women in the study said they did not know who to talk to in order to get financial advice. Another 47% said they were reluctant to talk to a financial adviser.
Women who are able to more confidently discuss their personal finances with others have a better chance at managing their money and effectively planning for their retirement.
