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(Kansas City, Mo.) – The differences between men and women don't stop with pink and blue; it's green that may cause the most controversy—money that is. From emergency funds to paying off debts, men and women have starkly different financial perspectives and priorities.
A recent GoodLife™ Internet survey by Stowers Innovations, Inc. shows men claim to know more about finances and feel more confident in their ability to manage money. Almost half of the men surveyed (48 percent) felt in control of their financial situation, compared to 36 percent of women. Men in the survey took the lead in other areas as well. They are more likely to have a debt elimination plan and more likely to have a six-month emergency fund.
"Men and women may take different approaches to money but what really matters is making sure the approach you take is right for you," said Sam Goller, executive director of Achieve Financial Independence Week™ and author of Yes, You Can... Achieve Financial Harmony and Yes, You Can... Afford to Raise a Family. "When it comes to money, the only person you can count on is yourself. Take charge of your finances and find out what budget, savings plan and financial resources meet your needs."
Achieve Financial Independence Week, October 15-21, 2006, is an ideal time for men and women to evaluate what's working and what's not in their finances. The week was created by Stowers Innovations and is supported by American Century Investments, Tips for Life® and Tips for Kids®. The following six tips will help both sexes get back in the money game.
Form a Game Plan – The best way to achieve financial independence is to create a plan for your money. Establish your monetary priorities by evaluating what is important to you. Your priorities can include long-term goals, such as education, and more immediate needs like housing and paying off debt. After you establish your needs and wants, develop a plan to meet these goals.
Get Rid of Debt – Analyze your current debt situation and create a plan that pays off the debt quickly. Americans owe more than half a trillion dollars in credit card debt.* The GoodLife survey found 35 percent of adults had more than $8,000 in debt, excluding a home mortgage.
Prepare for Emergencies – Men are more likely than women to have enough money to live for six months after a complete loss of income. Yet, less than 20 percent of the surveyed adults have a six-month emergency fund. Pay yourself first from each paycheck and create an emergency reserve to help sustain you during hard times.
Plan for the Future – Less than 20 percent of the adults surveyed have a definite retirement plan. Look at your complete financial picture, and establish a plan that makes sense today and provides for your future.
Find Support – Creating and sticking to a plan for financial success is much easier with support. From friends to financial advisors to newspapers and magazines, seek reliable information about finances. Understand your options, educate yourself about how money works and be determined to stick to your plan.
"People often think they are in the money game alone," said Scott Oberkrom, community investments consultant for American Century Investments. "But there are many great resources available to help people better manage their finances. The key is finding knowledgeable, trustworthy sources that will steer you in the right direction."
Play Well Together – Money issues are one of the leading causes of divorce and a major sticking point in many relationships. Learning to communicate well about finances can help couples go the distance. Talk to your significant other on a regular basis about money matters to find out how to approach your financial situation as a team.
*According to the Motley Fool.
About Achieve Financial Independence Week™
Created by Stowers Innovations, Inc., Achieve Financial Independence Week™ helps raise Americans'
awareness of their own spending and saving habits, and provide people of all ages with the strategies
and information they need to achieve financial independence. For more information, visit
www.afiweek.com.
About Stowers Innovations, Inc.
Stowers Innovations, Inc. is a company that helps people find ways to improve their financial position
and find more meaning in their lives. Their mission is to provide information that makes people aware
of how they can live a meaningful life through an understanding of their values, personal relationships,
finances, good physical health and mental well being. For more information, visit
www.stowers-innovations.com.
About American Century Investments
American Century Investments is a leading investment manager with nearly fifty years of experience
helping investors achieve their financial goals. Based in Kansas City, Mo., the company manages
approximately $99 billion in assets through separate accounts, commingled trusts, subadvisory
accounts and mutual funds. James E. Stowers Jr. founded the company in 1958. His son, James E.
Stowers III, is chairman and William M. Lyons is president and chief executive officer. For the
past seven years, American Century, which employs approximately 1,900 people, has been selected as
one of FORTUNE Magazine's 100 Best Companies to Work for. For more information about the company,
visit www.americancentury.com.
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