Lincoln Financial Group's Latest Study Reveals Increasing Number of Women Setting Financial Goals and Encourages Adoption of Financial Wellness Mindset.

March 23, 2023 : A recent study conducted by Lincoln Financial Group’s Consumer Sentiment Tracker has found that women are taking significant steps towards strengthening their financial future. The study reveals that 72% of women have set financial goals this year, with the top areas of focus being earning more/increasing income (48%), paying off debt (45%), creating or sticking to a budget (42%), and increasing or maintaining emergency savings (40%).

The study also shows that women feel a sense of financial security when they have stability, such as living within their means, protecting against the unexpected, no debt, and predictable income. Interestingly, women and men are mostly aligned in how they define financial security, but women are more likely to say it means protection against the unexpected for themselves and their loved ones.

According to the research, financial professionals can play a significant role in financial success, especially for women seeking a greater understanding of insurance and retirement solutions designed to strengthen financial health and offer protection. The study revealed that 71% of women are increasingly looking for and open to financial planning advice. More than a quarter of women who do not currently work with a financial professional would like to discuss topics such as retirement savings planning (33%), retirement income planning (31%), cash management/budgeting (29%), debt management (27%), and insurance, including life, health, and disability (28%).

Lincoln Financial Group suggests that financial products and solutions can help women achieve their financial goals, as well as make a profound difference in the lives of the people who matter most to them. Financial wellness tools and resources are available to help women assess their particular situation and create a financial plan that considers every aspect of their financial life.

In conclusion, women can implement a variety of strategies to create a financial cushion and prioritize their long-term financial future, from increasing savings in a workplace retirement plan to protecting their paycheck in the event of an unplanned illness or injury. A financial professional can provide personalized guidance that helps women become better positioned to achieve their unique financial goals, protect their families, and enjoy financial security.