Friday Live with Lynn Kitchen "Let's Talk Money" S2 Ep107

In this episode live with Lynn on Fridays "Let's Talk Money"

Money Worries: Do You Have Them?

I experienced firsthand how much women worry about money during my first career as a professional investment advisor. 

As part of my “getting to know you” questions, I would often ask new clients what their biggest money fear was.  It was always interesting to me that the most common response from women, even those with substantial wealth, was the fear that they would outlive their money.

Not having enough money to sustain a long lifespan was the #1 worry. 

Recently, I found a Gallup Survey from 2000 that corroborated this and I think it applies to 2023.  It validates the work I am doing at “Money Talks For Women” to support women to become more money savvy.

Women's Most Pressing Concerns

The survey asked American women the following question: "Thinking about your own life -- what is the biggest challenge you personally face in your daily life today?"**
The results show that women have a wide variety of issues that challenge them as they go about their daily lives, but that several -- particularly economic issues and family concerns -- dominate. Additionally, these concerns vary significantly, particularly by age and life situation. 

The Top Seven Concerns Are:

• Money: 26% of women are faced most directly by economic concerns today, including such things as the cost of living, meeting financial needs, and high taxes
• Family: 22% of women's most pressing concern is their family
• Health: 15% of women's most pressing daily concern is their health
• Time and Stress: 14% of women are most concerned about stress, managing their time, getting things done, and balancing their lives
• Job and Career: 8% of women are most concerned about their job and career
• Education: 7% of women are most concerned about education and schooling -- both for themselves and their children
• Equality and Equal Rights: 4% of women are most concerned about equality, equal opportunity and discrimination.

Perhaps not surprisingly, the family is of greatest concern to women with children, while stress and time management are most likely to be mentioned by women who work outside the home, whether or not they have children. 

Concerns over one's job and career are generally equally likely to be mentioned by working women whether or not they have children. Health concerns are most important to women who neither work nor have children, primarily because they tend to be older.

Chart: Most Pressing Personal Concern by Life Situation

More...

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