Many American Women Feel Financial Stress

(NewsUSA) – A majority of American women view themselves as the “Chief Financial Officer” of their family, but less than half report taking an active role in investment decisions, based on a survey from financial services firm Edward Jones in partnership with Morning Consult and NEXT360 Partners.The survey included nearly 6,000 people between the ages of 25 and 71 years. This group is often referred to as the “sandwich generation,” to reflect many who are caring not only for children, but also caring for elderly parents or other relatives. Approximately half (48%) of the survey respondents said that they feel financial strain.The goal of the survey was to examine women’s roles in their families and their finances, and the challenges that come from balancing both, according to a press release announcing the survey findings.Nearly two-thirds (64%) of the respondents said that caregiving duties have negatively impacted their ability to save for their financial goals, and 57% reported taking on fewer professional responsibilities due to caregiving, resulting in a loss of potential income.”While many women want the choice and ability to have careers, be caregivers and be the CFO of their families, balancing the responsibilities of health, family, purpose, and finances have significant trade-offs,” said Vanessa Okwuraiwe, Principal at Edward Jones, in the press release.Many of the women surveyed are the sole caregivers their households; 46% reported being the sole caregiver for their children, and 54% said they were the sole caregiver for parents or relatives. Additionally, 56% reported feeling that they do not have enough money to support their children and/or older relatives. A majority put a priority on saving for long-term expenses, notably caregiving (75%), child education (72%) and healthcare (81%). However, only 42% reported having sole responsibility for investment decisions, and 26% reported sharing this role with another member of the household.Two-thirds of the respondents (65%) said that more time and fewer caregiving responsibilities would boost their confidence in planning for their financial future, and 51% said that a financial advisor would be helpful.”Women want a financial professional who gets them, guides them, and can make things easier,” said Mona Mahajan, Principal and Senior Investment Strategist at Edward Jones.”Working with a financial professional can help women set their short- and long-term financial goals with a clear path to achieve them,” she added.For more information, visit: www.edwardjones.com/womeninvestors.