Test your knowledge of women’s financial habits and important best practices for saving and investment.
Think you’ve got a handle on the gender wage and retirement gap? Take our quiz to find out!
1. The unique financial planning needs of women include:
A. a longer expected life span than their male counterparts.
B. earning gaps from taking time off work to care for children and/or elderly parents.
C. underfunded retirement accounts due in part to pay inequities.
D. all of the above.
2. On average, women approach investing in a way that is:
A. less based on market research than men.
B. less risk-averse than men.
C. more risk-averse than men.
3. When it comes to saving for retirement:
A. women generally set aside less of a percentage of their income than men and earn less.
B. women generally set aside more of a percentage of their income than men but earn less.
C. women generally set aside the same percentage of their income as men but earn less.
4. If you can’t fund both fully, many financial advisors recommend:
A. saving for the kids’ college education first.
B. saving for your retirement first.
C. dividing the amount you can afford between education and retirement accounts.
5. A decade-long study on the financial acumen and attitudes of young people found that the primary factor associated with effective money management skills is:
A. a commitment to saving rooted in receiving an allowance and parental financial guidance in childhood.
B. formal financial education at the primary and secondary levels.
C. a belief in one’s financial self-efficacy.
Karen Bankston is a long-time contributor to Credit Union Management and writes about membership growth, operations, technology and governance. She is the proprietor of Precision Prose, Eugene, Ore.
Answers: 1–D, all of these factors contribute to financial management challenges for women. 2-C. 3-A, according to a 2018 survey from the Transamerica Center for Retirement Studies. 4-B, based on the availability of other options for financing education costs. 5-C, according to the Arizona Pathways to Life Success for University Students study.