Despite financial stressors, women are prioritizing retirement: Fidelity

Nearly nine in 10 women say they have made money moves recently or plan to within the next six months. As more women take charge of their money, financial advisors and employers have an opportunity to help them make smart decisions.

“It’s no secret women continue to face unique challenges that have historically gone unaddressed by the financial services industry,” said Joanna Rotenberg, president of personal investing at Fidelity Investments. “Through working with millions of women of all ages, we understand firsthand that knowing and tackling these challenges both inspires women and helps chip away at the gender gap, which is important today and for future generations.”

In recognition of Women’s History Month, Fidelity Investments released new research showing that women are taking action with their finances – and are prioritizing retirement – despite external stress. Among the findings:

Stress is real. “Stress” is the No. 1 word women use to describe how they feel about money, while “hopeful” is the most common word for men. Work continues to be a significant stressor for women, with 85% of all women, especially younger generations, feeling some sort of work-related stress. Women are most concerned about inflation and not having enough money saved for emergencies.

Support from other women is important. More than half of women say talking about financial topics with peers helps them feel more confident about their financial journey. This is especially true of younger women, with 66% of Gen Z and millennials preferring to learn about financial matters from other women. Fortunately, women are ready and willing to help each other succeed, with 69% saying they go out of their way to help other women because another woman helped them.

Financial stress begins early. Teen girls are more likely to feel stress when it comes to money, while teen boys are more likely to feel confident. Parents talk about money with their sons earlier than with their daughters, and teen girls wish they had more financial resources available to them.

Women are taking action. Fidelity has seen continued growth among women, especially by opening IRAs and increasing contributions; contributing to emergency funds; and taking advantage of guidance opportunities. In a notable finding for advisors, 2022 was a record year for the number of women reaching out for planning conversations, with a 10% increase compared to 2021.

Related: Caught in a financial (& family-first) vortex: Women likely to lag in retirement savings

During Women’s History Month, Fidelity is helping educate women with a series of Women Talk Money virtual events in March, including roundtable discussions about career and money goals, and the realities that make finances different for women. Additional workshops and live question-and-answer sessions will dive deeper and provide action steps on building up savings and tackling debt; building an investment strategy in today’s market; and planning for future financial and retirement goals. For more information, visit www.fidelityevent.com/whm-2023.