RADNOR, PA — A new study finds women are taking steps in the right direction toward strengthening their financial future and could benefit from a comprehensive look at their overall financial wellness. Lincoln Financial Group’s (NYSE: LNC) Consumer Sentiment Tracker found that 72% of women report setting financial goals this year, with women identifying a few top areas of focus including earning more/increasing income (48%), paying off debt (45%), creating or sticking to a budget (42%) and increasing or maintaining emergency savings (40%).
Financial Health is a Mindset
“Our research shows that women are committed to creating positive outcomes, but may be focused on competing financial goals,” said Sharon Scanlon, senior vice president, Customer Experience, Marketing and Transformation, Lincoln Financial Group. “The key is to not view our finances through a fragmented and number-driven lens, but to evaluate our overall financial wellness, which is the intersection of all these needs and a barometer for how we’re progressing. By shifting our attention to the bigger picture, we can get active in our financial lives, make more informed decisions to help us lower financial stress and achieve financial security.”
Lincoln’s study went on to reveal that women feel a sense of financial security when they have stability: living within their means, protecting against the unexpected, no debt and predictable income. In many respects, women and men are aligned in how they define financial security, but women are much more likely to say it means protection against the unexpected for themselves and their loved ones (61% of women vs. 46% of men).
“Financial products and solutions can help you achieve your financial goals, as well as make a profound difference in the lives of the people who matter most to you,” said Scanlon. “Check to see if your employer offers financial wellness tools and resources that can help you assess your particular situation and create a financial plan, one that takes basic budgeting and saving to the next level by considering every aspect of your financial life.”
Women Want Financial Advice
Financial professionals can also play an important role in financial success, especially for those seeking a greater understanding of insurance and retirement solutions designed to strengthen financial health and offer protection. According to Lincoln’s research, 71% of women are increasingly looking for and open to financial planning advice. More than a quarter of women who do not currently work with a financial professional would like to discuss the following topics:
- Retirement savings planning (33%)
- Retirement income planning (31%)
- Cash management/budgeting (29%)
- Debt management (27%)
- Insurance–life, health, disability, etc. (28%)
From increasing savings in a workplace retirement plan to protecting their paycheck in the event of an unplanned illness or injury, women can implement a variety of strategies to create a financial cushion and prioritize their long-term financial future.
“A financial professional can provide the personalized guidance that helps women become better-positioned to achieve their unique financial goals, protect their families and enjoy financial security—and that’s at the heart of financial wellness,” said Scanlon.
Visit www.lfg.com for more tools and resources.
Consumer Sentiment Tracker 2022 Methodology
The goal of this research is to gauge consumer sentiment on a variety of financial topics. Data was collected in March, April, May, June, July, September, October and November 2022 using the Qualtrics survey platform. Responses were collected from a total of 1,000+ U.S. adults each month. The sample included quotas to be representative of the total U.S. adult population.
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