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AICPA Survey: 70% of Women Need Financial Help


Jan. 14, 2003 American women strongly believe they need to learn more when it comes to managing their finances, according to a survey by the American Institute of Certified Public Accountants. Thirty pecent of women polled describe themselves as "confident" or as a "risk taker" when it comes to managing their finances. The remaining 70 percent indicated problems with credit card debt and savings strategies.



The release of the survey findings Monday coincided with the start of the AICPA's second annual online educational campaign, "Women's Financial Health Week," co-sponsored with Money magazineThe week-long public educational campaign is designed to provide women of all ages and financial situations with the tools and resources they need to achieve financial wellness.

The survey polled 697 Caucasian, African American, Asian American and Hispanic women ages 25 and older. The results reveal women's attitudes towards spending, saving and money management:

  • 76 percent of women have credit card debt with 35 percent of women frequently using credit cards and running balances
  • Only one out of four women put most of their money into savings, investments or a personal retirement plan
  • Only one out of every 10 women would be willing to give up weekly manicures or designer coffee drinks to increase their savings
  • 43 percent of women say that creating a better system to track their finances would help them to become better savers
  • Seven out of 10 women are unaware of the credentials of a financial planner

"These findings clearly show that too many women do not feel secure when dealing with their money," said Barbara Raasch, a CPA/PFS (Personal Financial Specialist) and national spokeswoman for Women's Financial Health Week. "Now more than ever, it is crucial that women improve their relationship with their finances. That's exactly why the AICPA and Money magazine have developed Women's Financial Health Week -- so that every woman in any financial situation can learn to feel confident and financially fit."

Visitors can log on to www.womensfinancialhealthweek.com for insight on financial topics, interactive tools, and online chats with financial experts.

2003 SmartPros Ltd. All rights reserved.

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