U.S. economic growth worries American women more than the European debt crisis.
U.S. economic growth tops the list of financial concerns shared by women of all wealth levels, while economic events in Europe fall to the bottom of the list, according to survey results released today by Millionaire Corner.
Thirty percent of the women participating in a September poll by Millionaire Corner identified U.S. economic growth as the leading concern among a list of financial issues, but less than 3 percent listed Europe’s debt crisis as their top concern.
“The attitudes of women investors generally align with the attitudes of men, but women tend to worry more about domestic issues, such as the financial well being of their children and the health of their spouses,” said Catherine McBreen, president of Millionaire Corner. “Women also tend to be more conservative investors, and more likely to ‘ask for directions’ when making financial decisions.”
Nearly 84 percent of the women who participated in our September poll believe that tax increases are inevitable. To better shelter their investments from taxes more than 30 percent of the women say they plan to consult a tax advisor. About 20 percent of the men surveyed plan to seek the help of a tax professional.
More than 22 percent of women identify tax-free products, such as municipal bonds, as the second most likely strategy for avoiding taxes, but men would rather buy municipal bonds and other tax-free instruments (26 percent) than talk to tax advisor.
Women are more keen than men to start or increase investments in tax-sheltered retirement accounts, such as a 401(k) or an Individual Retirement Account. More than 17 percent of women favor an IRA, compared to about 12 percent of men, while 15 percent of women would choose a 401(k) compared to 14 percent of men.
Men worry about U.S. economic growth to a lesser degree than women and are just as likely to worry about the current political leadership. Nearly 28 percent of the 618 men surveyed in September listed the nation’s economy as their top worry, while an equal percentage expressed concern about elected officials. Less than 15 percent of women said their main concern centered on political leadership.
Women are slightly more likely than men to worry about stock market conditions, retirement and inflation, but the gender gap widens over concerns about inflation and retirement. Women are also more inclined than men to increase their charitable donations in an effort to avoid taxes, 13 percent and 8 percent, respectively.