Wednesday, May 12, 2010

'Me Generation" shows progress on money matters

Citi, the global financial services company, reports today that a new nationwide survey finds the economic downturn has "reoriented financial priorities for women," particularly those age 18 to 39. That's good news because historically women, especially younger women, have not tended to their long-range financial needs as they should. Women are saving more, reducing their level of debt and beginning to feel more comfortable about their financial condition, said the survey, prepared by Hart Research Associates. The research group questioned by phone 1,010 women. Young women were more likely than older women to have already "realized progress" in their new goals to reduce debt (68 percent compared to 61 percent), said the researchers.

All women included in the survey conducted over 10 days in March, said they were comfortable with their current level of savings and less likely to dip into savings to pay their bills. "The survey findings show that women overall appear to be well prepared, both mentally and financially, coming out of the depths of the recession," said Lisa Caputo, chairman and CEO of Citi's Women & Co., a financial resource from Citi "dedicated to helping women reach their financial goals." These changes in attitude among women are critically important because they tend to live longer and take more career breaks than men, said Citi. That means WE NEED TO SAVE MORE for retirement!.
The best news? Nearly two-thirds of women (63 percent) said that they are reducing the amount of money they owe, even more than 57 percent who said this in September 2009, said the report.
For more about Women & Co., click here.

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