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Mar 07

Millennial Woman Financially Less Confident Than Men

 

millennial-women

Millennials have proven themselves to be the most engaged generation when it comes to finances but differences exist between millennial men and woman, according to a Blackrock study released Monday.

More women in the millennial generation, those born between the early 1980s to the early 2000s, feel paying off debt is a priority (57 percent) than men (40 percent). A smaller proportion of baby boomer women (40 percent) and men (35 percent) feel getting rid of debt is a top priority.

Blackrock surveyed 2,040 women and 1,960 men for its report, “Through the Lens of Women Investors: The 2015 Blackrock Global Investor Pulse Survey.”

Another difference reveals itself in spending patterns, according to the report. Fifty-four percent of millennial woman avoid overspending compared to only 40 percent of millennial men.

For millennials, a large split also exists in the number of men who feel in control of their finances (79 percent) and the number of women who feel likewise (56 percent). This may help to explain the difference in men (72 percent) and women (59 percent) who feel positive about their financial future.

At the same time, millennial women are not as engaged with investing as millennial men, but many are aware of future problems that could arise. Only 44 percent of millennial women claim they are on track to achieve their retirement goals, compared with 70 percent of millennial men. Plus, only 31 percent of millennial women feel they do not have to worry about money, compared to 53 percent of millennial men who say they have no money worries.

For older women, those 55 to 64 years of age, their number one goal is to save money with only 46 percent interested in investing and only 30 percent willing to take risk to achieve returns, Blackrock says. Only 30 percent say they are well prepared for retirement and 40 percent say they need help in preparing for retirement.

Millennial women still focus more on short-term goals, such as budgeting and not overspending, than on investing, which can be detrimental to their retirement planning, Blackrock says.

Source: Millennial Woman Financially Less Confident Than Men

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