Think back to the person you were 10 years ago. Do you feel more or less prepared than that person to tackle your long-term financial goals? Or are you just about the same?
Despite the fact that more women are taking control of their household’s finances (not to mention earning as much if not more than their spouse), they’re not feeling any more prepared — or confident — than they did a decade ago when it comes to financial security, according to new research from Prudential.
For example, 75 percent of women believe having enough money to maintain their lifestyles throughout retirement is very important, but only 14 percent of women are very confident in their abilities to accomplish this according to the research. Ten years ago when the same question was asked, the gap between the numbers was very much the same. In other words — we’re stuck. More worrisome: Although women are feeling more financially secure now than they were just a couple of years after the recession, we’re now placing less importance on our long-term financial goals.
So, how can we boost our confidence — and ourselves into action? Here, a few suggestions from Jean Setzfand, vice president of financial security for AARP, and financial expert Lynnette Khalfani-Cox, aka The Money Coach, who were on site for Prudential’s release of the findings.