The overwhelming majority of women worry about their finances. Yet new research shows that many are taking all the right steps to stay in financial good shape.
If you’re concerned about your financial wellbeing, you’re certainly not alone.
A recent Financial Fitness white paper by Mortgage Choice found that nine out of ten women worry about their finances. Only 7% claim to have no issues around their fiscal health.
However, the concerns of the majority may be unfounded. As the study reveals, most women are taking five very important steps to maintain their financial fitness.
1. Keeping a close eye on their finances
Just as physical wellbeing involves monitoring our weight, watching what we eat and enjoying regular exercise, 89% of women regularly monitor their finances.
This matters because keeping a close eye on our money health makes it a lot easier to identify and deal with trouble spots such as falling behind with bills before they snowball into bigger problems.
2. Setting and tracking goals
Setting goals is a key aspect of money management as it gives us something to work towards. And it turns out that 73% of women have set formal money goals for themselves. Even better, an impressive 96% of these goal setters take the time to regularly monitor their progress.
In addition, nine out of ten women share their goals with their spouse or partner. That’s a good sign because when two people are working towards the same outcome, they are far more likely to offer the support and encouragement needed to make those goals a reality.
3. Home ownership rates highly
Owning a home is clearly a matter of importance for women. Almost half (45%) the women surveyed own their home, with a further 25% saving to buy a home. One in ten women back up home ownership with an investment property.
It’s all good news because home ownership can be one of the foundations of long term financial security. Paying off a home loan is a form of forced saving, and over time, property values typically rise.
4. Seven out of ten grow savings
Developing a strong savings habit doesn’t just help to achieve personal goals such as taking a vacation or buying a new car. Building a pool of savings is also essential when it comes to navigating unexpected bills or financial emergencies without having to rely on debt.
The research shows that an impressive 73% of women save at least part of their regular pay. At the top end of the spectrum, close to one in five manage to tuck away more than 20% of their pay packet.
5. Being open to professional advice
As our financial lives become more complex, expert financial advice can be a sound investment to navigate key decisions about money management, investing and planning for retirement.
Over seven out of ten women either use a financial adviser or are open to the idea of speaking with a professional adviser. It’s a healthy sign that women are prepared to work with a money mentor to keep their finances in great shape.
The bottom line is that complacency never pays when it comes to our personal finances. However, many women are nailing the challenge of staying financially fit.
For the full breakdown of the Financial Fitness research click here.