Five ways to boost women’s financial confidence
The past year has been a challenging one for many Americans, and it has had a meaningful impact on their financial confidence. Only 34% of Americans felt financially healthy closing out 2021, a 14% drop from the beginning of the year. Financial challenges weighed even heavier on women, with barely a quarter saying they felt financially healthy.
Women trailing men in feeling financially healthy
Source: Empower and Personal Capital, Wealth and Wellness Index Survey, November 2021.
Empower research and recordkeeping data provide in-depth insights as to women’s sentiments and behaviors regarding planning, saving and investing. These insights point to five tangible steps employers can take to help boost women’s financial confidence:
- Empower them to set informed goals and expectations.
- Help them build emergency savings funds and pay off debt.
- Focus on closing the gender retirement savings gap.
- Offer and encourage the use of professional financial advice.
- Encourage financial planning.
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Empowering America’s Financial Journey (EAFJ) seeks to provide a comprehensive view of state and local government employees’ defined contribution savings behavior and retirement preparations.