The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Information on this website may not be current. This website may contain links to other third-party websites. Such links are only for the convenience of the reader, user or browser; we do not recommend or endorse the contents of any third-party sites. Readers of this website should contact their attorney, accountant or credit counselor to obtain advice with respect to their particular situation. No reader, user, or browser of this site should act or not act on the basis of information on this site. Always seek personal legal, financial or credit advice for your relevant jurisdiction. Only your individual attorney or advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, contributors, contributing firms, or their respective employers.
Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them. Compensation is not a factor in the substantive evaluation of any product.
While many consumers can likely use a bit of financial advice in their everyday lives to make sure they’re spending less and saving more, it seems that women are simply more willing to listen to this type of counsel than men.
Close to 90 percent of women surveyed said they’ve taken action on financial advice they’ve received in their lives, including decisions such as saving more and rejiggering their retirement portfolios, according to a recent survey from TIAA-CREF. This rate is far higher than that observed for men, and in fact, many women also listen to this advice despite having other concerns about their finances.
For instance, slightly less than half of female respondents find that they don’t think that personalized, objective financial advice typically costs money, and that they cannot afford it, while about a third also think they don’t have time to seek it out, the report said. Further, more than half say they are worried about their ability to save for their retirement.
“It’s encouraging that women are willing to take action after they receive financial advice, but the fact that so many women say they don’t know where to look for advice and don’t know whom they can trust shows there’s more work to be done,” said Cathy McCabe, managing director for TIAA-CREF. “It’s critically important we begin to reach women with the information they need in a way that is truly relevant to them.”
The study also found that 74 percent of respondents have increased their contributions to their retirement plans, the report said. That can be important because many are now the primary keep of the finances in their homes, and their having the ability to deal with money confidently both for now and the future will put them on more stable ground overall.
[Credit Cards: Research and compare credit cards at Credit.com.]
Some of the biggest financial problems that many consumers – both female and male – have these days relates to their outstanding debt. Therefore the more work they do to clear these balances, such as by making increased payments every month and not using their credit cards unless it’s absolutely necessary, can put them in a better financial position in a relatively short period of time. This, in turn, can also improve their credit score and make them eligible for more affordable financing when they need it in the future.
Image: Kevin Dooley, via Flickr
March 11, 2021
Personal Finance
March 1, 2021
Personal Finance
February 18, 2021
Personal Finance