The old saw about "If you need something done, give it to a busy person" apparently doesn't hold true for women and their own finances — unless, of course, it's because they already have so many other responsibilities that they just can't shoehorn in one more.
That's the apparent state of affairs of many women, according to a new survey from Fidelity that asked women what they would do if they had one more hour per week just to devote to their own financial futures.
Women had plenty of plans for that extra hour of time:
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Work on a budget to reduce debt or find new ways to save – 42 percent; Learn to become better investors – 24 percent; and Develop a financial plan and an investment strategy – 13 percent.
Sadly, many women are so overcommitted to other responsibilities, Fidelity said, that they just can't squeeze in the time to care for their own finances. Instead, other commitments take priority and crowd out women's financial needs.
See also: Female financial advisors on the rise
One statistic that arose out of the survey was this: almost one out of every four women does not take part in making financial decisions at all. These are the women who will be most at sea if left alone in the case of divorce or widowhood — particularly with all the decisions that will attend on either state. They will abruptly find themselves responsible not just for all their previous duties but in addition their own financial well-being, and they will not be prepared to cope.
Fidelity asked respondents to choose from a list of songs to describe their approach to finances. An encouraging note (pun intended) was the majority's selection, signifying their feeling of being in charge of their own portfolios: "Independent Woman." Another 23 percent chose "I Turn to You," indicating their reliance on a financial advisor, a spouse, or other family members.
Most distressing was the choice of 12 percent: "S.O.S. (Rescue Me)" meant that they needed someone to provide serious help with their finances.
If time is what women truly need to be better prepared financially, perhaps they should have been offered a different choice to describe their financial approach — say, "Time in a Bottle." Otherwise, as they get older and lack money for retirement, they may find themselves singing that old Glen Campbell tune "Time," with its sad lyrics asking, "Time, where did you go?"
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