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Although women make up the majority of college graduates, they still earn significantly less money than men on average. Financial Finesse found that women also lag in financial planning, especially in money management and investing. Greg Ward, a financial research analyst for Financial Finesse, said the study showed that many women are behind on financial literacy.
“The biggest significance of this is when you understand that most women at some point in their lives are going to be solely responsible for their finances,” Ward said.
While 89 percent of men surveyed reported a general investment knowledge about stocks, bonds and mutual funds, only 66 percent of women answered the same. In a similar gap, 78 percent of men reported having a handle on cash flow and spending less than they made each month, compared to 62 percent of women.
Women were less comfortable with their non-mortgage debt load than men, with 71 percent of men saying they were comfortable with their debt and only 52 percent of women.
Likewise, men were more likely to have an emergency fund to cover unexpected expenses, to pay their bills on time each month, and to regularly pay off credit card balances in full. Men were more confident that their investments were allocated appropriately and more often understood the tax implications of their investment and retirement accounts.