The current state of the economy has hit everyone hard. Regardless of socio-economic status, the volatile investing and cost of living climate have shifted our views on how we live and invest in retirement. This recession has also changed our views of wellness from multiple perspectives. Today, we look at the results of the Financial Wellness Survey by Ellevest and expand on the issues which it has addressed.
Last year, financial wellness was low on people's list of priorities, especially women's. Most women who took the survey a year ago, ranked financial well-being as the least important form of wellness, however that has changed. In a recent change of motives, in that same ranking, women are now three times as likely to see financial wellness as critical, second only to mental wellness. Listed below are the findings of this year’s survey:
Mental wellness: 48% (vs 36% in 2021)
Financial wellness: 42% (vs 14% in 2021)
Physical wellness: 37% (vs 22% in 2021)
Spiritual wellness: 22% (vs 18% in 2021)
According to the survey, two-thirds of women say that they’ve cut back on spending but, surprisingly, they are continuing to invest in their retirement portfolios. The survey has found that 75% of women who are actively investing for retirement say that they’ve continued their contributions despite market volatility – that’s compared to just two-thirds of men. We know from historical data that continual investing has been a good strategy in a bare economy. We also know that women investors tend to invest more and post better returns on their investments. So, if the survey results are anything to ride on, it looks like, though women are worrying more about their financial well-being, they are positioned to see out this tumultuous period and come out winning on top.