Single women think long term when it comes to their finances, but they’re not taking steps to safeguard their retirement plans, according to Fidelity Investments research. The study found most women aren’t taking steps to curb their spending, reduce their debt and prepare for a job loss.
Nearly half of the women surveyed said they tend to spend without thinking about long term repercussions. To make matters worse, out of all other demographics, single women are the least likely to have a comprehensive financial plan in place.
Single women are also twice as likely as single men to report they keep their savings in cash because they don’t know where to invest it.
The study shows how important it is for single women to start planning for their retirement and possibly enlisting the help of a financial adviser to put together a plan so they can reach their retirement goals.