Lisa’s feature story was recently picked up by Yahoo! Finance as she commented on the biggest sources of financial stress for women in 2023.
An article consulting our own Lisa Jones was recently picked up by Yahoo! Finance, a financial news giant that offers market updates, stock and index tickers, reports, commentary, and more. The article was originally published by GoBankingRates and broke down a survey of more than 1,000 women to find the four most common stressors when it comes to women and their finances. Speaking from a wide array of experience in working with women clients, Lisa offered a bit of advice for tackling those pain points with confidence.
The first source of pressure covered by the article was inflation and the possibility of not being able to cover average, everyday expenses. While it may sound simple, the survey found it to be the top stressor for 39% of the survey’s participants, as this extremely broad fear appeared to trickle down into other aspects of their financial health. Lisa said that she has unfortunately noticed a trend of women reducing their savings to keep up with inflation and the rising cost of living. This has impacted their 401(k) contributions and their expected retirement date, as they’ve prioritized supporting themselves and other family members. She did, however, offer a solution for those worried about the long-term future.
“Women should focus their spending on the basic necessities of their household and in turn, change their shopping and spending habits on the non-essentials,” Lisa said. “Don’t lose focus on saving for the long term while still meeting the current short-term needs of the household.”
The second greatest stressor, as named by 18% of the women in the survey, was not having the money to cover an unexpected emergency expense. Lisa believes the most effective way to prepare for surprise expenses is to build an emergency fund, allowing you to access a designated fund in the event that you need the money to support your everyday life. Furthermore, you can build a spending and budgeting plan that helps you allocate your funds, whether you’re in a period of comfort or turmoil.
“Creating a spending plan for yourself is a key element of financial well-being,” she said. “We all spend money, but true financial wellness comes when we create a plan to do so. We have found that the large majority of households that are managed by a single female don’t have enough savings to continue their households for more than one month when a job is lost. This leaves many women’s households open to catastrophic financial risk. But the good news is, with a few small changes, this does not have to be your story.”
If you have any questions about your sources of financial stress, please call Lisa D. Jones 417.447.3500.
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