Daily Dupaco

Tuesday, December 20, 2011

The financial gender gap

Women continue to lag far behind men in financial literacy, and most face a troubling financial future, according to a new study.

"Gender Gap in Financial Literacy," conducted by the financial education firm Financial Finesse, finds that women remain significantly behind men when it comes to basic money management skills - and are in danger of not meeting long-term income needs.

Here's a by-the-numbers look at the study's key findings:

  • Investing: 25 percent of women reported feeling confident with how their investments were allocated compared to 42 percent of men.
  • Budgeting: Only 63 percent of women said they had a handle on their cash flow versus 80 percent of men.
  • Credit cards: 49 percent of women regularly pay off their credit card balances in full compared to 65 percent of men. 
  • Retirement preparedness: Both women and men are woefully unprepared, with only 12 percent of women and 19 percent of men confident they will be able to replace 80 percent of their income in retirement.
  • Employer retirement plans: 92 percent of women and 91 percent of men contribute to their employer's retirement plan. But women might be investing too conservatively to meet their income needs in retirement, considering they live an average of five years longer than men.

By Emily Kittle

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