A recent State Farm study that 74% of American women are anxious about their financial futures but only 15 percent have made major changes to their financial plans.
Is There Something Wrong With Us?
Aside from the dismaying number of women who are unwilling to take action to change their financial futures (which I imagine they have in common with men), the worst finding of the State Farm study is that when women seek financial guidance, they don’t go to the experts. Instead most turn to their spouses, parents or friends. Only 12% ask an insurance agent, and only 7% seek guidance from an accountant. It makes me wonder what all those single women are doing. They must have it all together, right?
And here’s my favorite statistic: 41% of women would rather go to the dentist than talk to their spouse about finances.
I am the money person in our family, so I can’t relate.
Or Is It the Survey?
Where does this kind of information come from in the first place? The State Farm study was conducted sing random digit dialing of listed and unlisted numbers.
Oh yeah, those are the things I always hang up on.
So maybe it’s not really a problem with financial literacy at all, maybe it’s just that all of us money smart women don’t answer telephone surveys. Maybe we’re SO good with money that we don’t want to waste our most precious commodity answering survey questions, or worse yet – wasting our money on new and improved the satellite TV service!