Women under the age of 30 are not confident about how much they are saving, with 76% saying they could be doing better, according to a survey by E*TRADE. This is higher than the 69% of the general population who think they should be saving more.
Sixty-nine percent of young women say images of exaggerated wealth on social media and television make them feel less successful, compared to 47% of the total population.
Sixty percent of young women say financial jargon hinders their ability to invest on their own, compared to 51% of the total population. Fifty-seven percent of young women say worrying about finances negatively impacts their relationships and their health (51%), compared to 41% and 40% of the total population, respectively.
Fifty-nine percent of young women have tapped into their retirement savings, compared to 38% of the total population.
E*TRADE presented these findings at a Women & Investing event which featured thought leaders from its own company, as well as Matthews Asia, Virtu Financial and Dress for Success.
“One of the biggest takeaways from the panel was how we can help young women eliminate the taboo of talking about money,” says Mary Ryan, senior equity options strategist at E*TRADE. “We can start be discussing finances with children and teens and then continue that education through adulthood.”