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Gen Z women define financial confidence on their own terms, with 44% actively “breaking away” from gender stereotypes when it comes to money.
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Fidelity customer analysis reveals three key steps to minimize financial stress
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Viola Davis and Padma Lakshmi headline Fidelity's Women's History Month special series to help women improve their financial know-how
Boston, March 1, 2024–(BUSINESS WIRE)–Financial stress is a reality for more than 9 out of 10 women, new research from Fidelity Investments® We uncover financial steps women can take to relieve stress and increase financial confidence.Fidelity's 2024 Women’s History Month SurveyThe report, released each year at the beginning of Women's History Month, found that women's stress levels remain consistently high, regardless of their total household income. However, taking financial action made the biggest difference in reducing stress, with women who took a financial action in the past six months experiencing less stress than those who did not. The Fidelity study also identified three financial behaviors that help women of all ages and income levels reduce financial stress: saving for emergencies, saving for retirement, and thinking about the future. There is.
Sangeeta Moorjani, Head of Tax-Exempt Markets at Fidelity Investments, said: “Feeling stressed about finances is not uncommon, so here are some proven methods to help women combat this feeling and build financial confidence. It is important to support women by providing them with “We believe that knowledge is truly power, and by providing access to financial education, plans, and tools so everyone can have confidence in their ability to build a strong financial future, we We are committed to supporting women wherever they are in their journey.”
Tackle stressors head-on: 3 achievable steps that will bring big results
With most women exhibiting financial stress, Fidelity has identified three key money options that can help reduce financial stress for women, based on Fidelity's research on customers who participate in workplace retirement plans. I have identified the movement.1:
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Emergency preparedness: Each month you build up your emergency savings, your level of financial stress will decrease significantly. More than 4 in 5 women (81%) who do not have emergency savings report feeling highly stressed. When a woman saves up her three months' worth of emergency savings, only one in four women (26%) will report high stress levels.
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Savings for retirement: A small increase in retirement savings can lead to big consequences when it comes to financial stress. Nearly three in five (59%) of women who save up to 2% of their household income for retirement report feeling very stressed or extremely stressed. When a woman saves 10-14% of her savings, only three in ten women (32%) show similar stress levels. This number continues to decline as women increase their contributions to retirement savings, indicating that each increase in contributions reduces financial stress.
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Think first: Taking the time to outline your financial goals and needs for the coming months can help reduce financial stress. More than seven in 10 (73%) women feel extremely stressed because they're only thinking about the next few days. When women plan months ahead, that number drops to fewer than 4 in 10 (38%) of them.
While 78% of women took action regarding money in the past six months, only 19% felt confident with their money, showing that women still underestimate themselves. . To better understand which actions make the biggest difference in financial confidence, Fidelity research identified the actions women who are confident with money are more likely to take. Interestingly, the same actions that reduce financial stress can also increase confidence, such as contributing to an emergency fund, saving more for retirement, starting to invest, and working with a financial professional. Fortunately, these are the areas women plan to focus on in the coming months.
Women are breaking down stereotypes that prevent them from feeling financially confident
Women are actively trying to break down old stereotypes and misconceptions that have hindered their financial confidence, such as the idea that men are better at managing household finances. She is more than one in three women who are abandoning the stereotype that men are better at managing household finances. Younger generations are leading the charge, with 44% of Gen Z women saying they have “forgotten” this stereotype, compared to 32% of Millennial women and 29% of Gen X women. There is. Additionally, women no longer treat money as a taboo topic and are talking more openly about it with their co-workers. Almost half of women say they have become more open about their finances with family and friends in the past six months or plan to do so in the next six months, according to a new study from Fidelity.
Women have made valuable strides in building their confidence, but more needs to be done to help women address persistent confidence gaps. More than half of women (52%) believe that women are better at managing household finances, while 65% of women believe that men have had better returns on investments over the past 10 years, It shows that there is a confidence gap.
“Encouragingly, women today are beginning to debunk financial stereotypes that have historically held us back,” said Lorna Kapusta, head of women and engagement at Fidelity Investments. Stated. “In recent years, we've seen women make incredible strides in how they spend their money. Even though they're making smart money choices, we're also seeing We've seen women continue to doubt themselves. We don't just help women take the next step.” I am confident in my choices and my financial future. ”
Closing the gender gap and instilling financial confidence at a young age
In another positive change, Fidelity data found that parents discuss money and finances with their children more often than their own parents. While 72% of respondents claim that their parents discuss financial topics, 84% of today's parents talk to their children about such topics, and a similar percentage and their daughters on economic topics, a heartening change from previous generations. . According to Fidelity's previous data, teenage boys were 5 percentage points more likely than teenage girls to say their parents talked to them about investing.
This change is encouraging, as financial education from a young age is essential for the next generation to gain financial confidence and financial mobility. To help develop future generations of financially savvy women, Fidelity launches a new learning series for parents and teenage girls. A first-of-its-kind program, Women Talk Money: Teen Girl Learning Series helps teenage girls develop positive money habits for future financial success .
Fidelity resources to help women take control of their financial futures
Fidelity is committed to creating free, accessible resources and education to help women get the most out of their money, no matter where they are financially.
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Women’s History Month Event Series: Fidelity brings together celebrity guests and Fidelity leaders for free. Monthly event series It aims to inspire women to take the next step with their money and achieve their future financial goals. The series features award-winning actress, producer, and writer Viola Davis, Emmy-nominated producer, television host, food expert, and author Padma Lakshmi, and a special cast of women across Fidelity. Appear as a guest. In conversation, we discuss maximizing your financial potential, building career success, creating a financial strategy, building healthy money habits, and balancing responsibilities for the Sandwich Generation. , focuses on teaching children about money.
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A new learning series for teenage girls and their parents: Launching in April, Women Talk Money: Teen Girl Learning Series is a free digital self-help series designed to help parents and teen girls develop positive money habits. This is a paced learning series. Click here to register and learn more.
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women talk about money: Through live events, on-demand content, and other practical resources, Fidelity's Women Talk Money community provides a forum for real conversations about money, investing, careers, and other topics that matter to women, allowing members to learn more about their finances. We'll help you take the next best step. . Anyone can participate for free.
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Year-round support built for women: Last year, Fidelity launched a new website experience built for women. This website provides clear information on the unique factors women often need to plan for, when to save and invest based on their personal circumstances, and which accounts best meet their goals. To do. The next step to move forward.
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24/7 access to live help: Need more help? Fidelity offers her free one-on-one consultation with a financial professional specially trained to discuss and plan for the unique money factors that women often face. This guidance is available 24/7 at 1-800-FIDELITY or online at Fidelity.com.
About Fidelity’s Women’s History Month Survey
This study presents the results of a national online survey of 3,008 adults ages 18 and older. The interviews were conducted by Big Village, which is not affiliated with Fidelity Investments, from January 3-12, 2024. The results of this study may not be representative of all adults who meet the same criteria as the adults surveyed in this study. The theoretical sampling error for all respondents is +/- 1.8 percentage points at a 95% confidence level. The smaller the subgroup, the larger the margin of error. Fidelity was not identified as a sponsor of this study.
Generations are defined as: Baby Boomers (born 1946-1964), Generation X (born 1965-1980), Millennials (born 1981-1996), and Generation Z (born 1997-2012). .Only the 18+ generation was considered in this study).
About Fidelity Investments
Fidelity's mission is to enhance the financial well-being of our customers and deliver better outcomes for the clients and businesses we serve. Fidelity's strength lies in the scale of its market-leading, diversified financial services business serving individuals, families, employers, wealth managers and institutions. With $12.6 trillion in assets under management, including $4.9 trillion in discretionary assets, as of December 31, 2023, we are focused on meeting the unique needs of our growing customer base. A privately held company for 77 years, Fidelity employs more than 74,000 people in the United States, Ireland and India. For more information about Fidelity Investments, please visit https://www.fidelity.com/about-fidelity/our-company.
Fidelity Investments and Fidelity are registered service marks of FMR LLC.
Please keep in mind that investing involves risk. The value of investments will fluctuate over time and may result in gains or losses.
The views expressed are as of the date expressed based on information then available and are subject to change based on market or other conditions. Unless otherwise noted, opinions provided are those of the speaker or author and not necessarily those of Fidelity Investments or its affiliates. Fidelity has no obligation to update any information.
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1 Fidelity Total Wellbeing Study 2022. Online survey of 5,366 active Fidelity 401(k) and 403(b) participants in the United States from September 2017 to October 2022.
View source version on businesswire.com. https://www.businesswire.com/news/home/20240301011093/ja/
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