How Women Are Taking Control of Their Finances
How Women Are Taking Control of Their Finances: Lorna Kapusta, Head of Women and Engagement for Fidelity discusses how women are taking control of their finances. In recognition of Women’s History Month, Fidelity Investments released new research showing women are taking action with their finances despite external stressors. According to the research, “stress” (46%) is the no. 1 word women use to describe their emotions surrounding money, far more than men (34%), whose top term is “hopeful” (42%). Encouragingly, many women are tackling stress head on by taking control of their finances — nearly 90% of women say they have made money moves recently or are planning to within the next six months. Read more at https://newsroom.fidelity.com/pressreleases/fidelity-investments--study--women-are-combatting-financial-stressors-by-embracing-community-and-tra/s/186926ff-5ba1-445e-bf24-3fdcda799d74
Key Takeaways
- Use the 50/30/15/5 budget guideline: allocate 50% to essentials, 30% to discretionary spending, 15% to retirement savings (even 1% if low-income), and 5% to emergency funds covering 3-6 months of expenses
- Write down all income, expenses, and debts with interest rates to identify high-interest debt like credit cards as priority payoff targets before tackling lower-interest obligations
- Find small spending cuts in non-essential daily expenses (like daily lunch purchases) to redirect funds toward debt payoff without eliminating all enjoyment
- If your employer offers a 401(k) match, always contribute enough to capture the full match—it's immediate free money that shouldn't be left on the table
- Join Women Talk Money (free at fidelity.com/women) to have candid conversations with women facing similar financial challenges and learn from their experiences and solutions
How Women Are Taking Control of Their Finances: Lorna Kapusta, Head of Women and Engagement for Fidelity discusses how women are taking control of their finances. In recognition of Women’s History Month, Fidelity Investments released new research showing women are taking action with their finances despite external stressors. According to the research, “stress” (46%) is the no. 1 word women use to describe their emotions surrounding money, far more than men (34%), whose top term is “hopeful” (42%). Encouragingly, many women are tackling stress head on by taking control of their finances — nearly 90% of women say they have made money moves recently or are planning to within the next six months.
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