American Women are more Financially Confident in 2014

Today’s women are more empowered but still as worried as ever about going broke.

Women have clearly stepped up their financial prowess in today’s society. A new report reveals nearly half of the women surveyed are the chief financial officer of their households.

Allianz Life Insurance Company of North America polled more than 2,000 women ages 25-75 and found that a majority say they primarily handle investment decisions, research retirement ideas, handle tax preparation, and teach their children about money. But with all this new-found power and responsibility, women still panic over their financial future.

“Today’s women told us they have more responsibility for major financial decisions than ever before and increased interest in financial planning,” says Katie Libbe, Allianz Life vice president of consumer insights. “Yet, although women are more confident about managing their finances, irrational fears about losing it all and becoming a bag lady remains – evidence that they are still underserved by the financial industry.”

  • The evidence of this fear is clear, according to the survey…
  • 49 percent of all women fear they will become a “bag lady”
  • More single women (56 percent) suffer from this fear
  • Divorced women (54 percent) are also afraid
  • Six in 10 women say they lose sleep over running out of money in retirement

At Consolidated Credit, we understand the fear of severe financial loss — especially during an economy that’s still weak. It’s not uncommon for women or men to have fears over losing all their money because it happens every day. Our certified credit counselors talk on a daily basis with people who have lost everything. That’s why it’s so important to budget and manage your money with an eye toward the future.

If you need help building a budget or require assistance to pay down your debt and better manage your money don’t hesitate to contact Consolidated Credit today. Consolidated offers many tools and free information and advice, including a Women and Money section to specifically help women prepare for their future.