On Tuesday, Fidelity Investments announced new research looking into the financial planning habits of single women in America.
According a press release sent to EBONY, researchers found that single women need to take a more proactive approach for the future.
Researchers concluded that the majority of single women embrace being fully responsible for their finances. In fact, 97 percent of those surveyed believe it’s important to to actively engaged in managing their money.
More than half admitted to needing to spend more time doing so, with many missing key opportunities to grow and protect their finances.
Key findings of the report, Single Women & Money Study, can be found below.
- Self-doubt may be holding up action: Single women are less likely to consider themselves knowledgeable than their male or married counterparts when it comes to core financial topics like saving for retirement and investing.
- Neglecting to plan ahead: Nearly half (48%) admit they tend to spend freely without thinking about the long term, and only 28% have a comprehensive financial plan in place to help reach their goals for the future.
- Single women saving heavily in cash: More than a third (35%) report keeping half or more of their savings liquid, which means they’re missing out on potential investment growth over time.
- Divorced women taking the financial reins: A significant majority of women who have gone through a divorce said they now feel more in control of their finances (84%), and have more financial freedom than when they were married (76%).
For more information, or to view the full press release visit Fidelity.com.