So much for stereotypes. A survey conducted by Citi Group found that women age 18 to 39 are focusing more on financial planning and spending less on material possessions.
Almost half of the women polled said they were saving more now than previously. Also, reducing debt is becoming a bigger priority with 43% of young women saying they would use any extra money to pay overdue bills and 61% planning to reduce their debt during the next six months.
All of these figures are higher than the data elicited from the women in the over-40 demographic. Only 29% of older women are saving more and using the money on unpaid bills, and only 49% plan to get out debt soon.
When compared to men, however, women of all ages appear to b more frugal. When it comes to making large purchases, only 33% of women are splurging on large purchases as opposed to 40% of men. (Look whose shopping now.)
“This is a good sign for women everywhere,” Lisa Caputo, Citi Executive Vice President & Chief Marketing Officer said in a press release. “We tend to live longer, take more career breaks and act as the CFOs of our homes, all of which requires early and continuous financial planning.”
The nationwide survey was conducted for Citi by Hart Research Associates, polled 2,002 adults in March.
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