New York Life research: Yes, you can be more financially well-rounded.

New York Life | June 6, 2024

Our most recent Wealth Watch survey shows women want to learn more when it comes to finances.

Which are you better at – making sure bills get paid, or making investments?

The latest New York Life Wealth Watch survey found that women tend to be more confident handling day-to-day financial tasks like paying bills, maintaining good credit, and saving for emergencies, while men are more likely to report being comfortable with strategic tasks, like building wealth, creating investment portfolios, understanding protection products like insurance, and legacy planning.

Both types of personal finance management tasks are critical to good financial health: day-to-day habits create the building blocks for longer-term planning. For example, good credit – built by day-to-day habits like maintaining low credit utilization and paying bills on time – enables a potential homebuyer to lock in a lower mortgage rate (61% of married men report they handle choosing financial products like insurance, annuities, or mortgages).

It's in everyone's best interest to become more financially knowledgeable and well-rounded. Focus on the below key areas, highlighted by our most recent Wealth Watch data, to help you become more financially well-rounded and resilient.

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Our research found that fewer women may have been exposed to or provided with the opportunity to receive formal financial literacy education than men (42% of women vs. 53% of men). This could be a contributing factor to knowledge gaps between men and women on financial topics like managing investments and building wealth (each have a 17-point knowledge gap), annuities (15-point gap), and legacy planning (13-point gap).

The top financial topics women wish they had more information on are building wealth (29%), saving for emergencies (28%), and saving for retirement (25%).

What can you do?

• Take an online financial literacy quiz to understand your own knowledge gaps.
• Seek educational resources to fill your knowledge gaps. You can look for free articles and resources online, take a course online or in person, or even seek financial literacy support from your employer.
• Build a relationship with a trusted financial professional. While a lot of information is available publicly, it can be hard to understand how best to navigate your unique situation without guidance. Financial professionals can help you master the range of financial management tasks, from guidance on budgeting and saving to funding college education, managing risk and protecting your assets, and working toward a secure retirement.

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