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Magazine > Market Survey > News Content

Survey: Younger women saving, more debt-averse

5/11/2010 7:17:50 PM

New York--A new nationwide survey released by Citi reveals that the economic downturn has reoriented financial priorities for women, particularly young women aged 18 to 39, a change that could affect the self-purchasing market in the future.

Conducted by Hart Research Associates, the survey found that nearly half of the 18- to 39-year-old women surveyed (48 percent) said they are saving and investing more today that they were preciously. That compares to only 29 percent of women over age 40 who said they are saving and investing more.

The 18- to 39-year-old demographic also indicated that they will remain focused on paring down debt, with 61 percent of young women surveyed expecting to reduce their level of debt in the next six months, compared to 49 percent of older women who say the same.

Looking at all women together, the survey finds that women generally judge their financial situation to be similar now to six months or a year ago, and they are cautiously optimistic about the future.

Nearly two-thirds of women surveyed (63 percent) said they are reducing the amount of money they owe, compared to 57 percent who indicated the same in September 2009, and a full 67 percent said they are comfortable with their current level of debt, as compared to 61 percent in September 2009.

"The survey findings show that women overall appear to be well prepared, both mentally and financially, coming out of the depths of a recession," Lisa Caputo, chairman and chief executive officer of Citi's Women and Co., a financial resource dedicated to helping women achieve their financial goals, said in a media release.

Compared with men, women in the survey are generally more conservative about their future spending. Seventy-two percent of women surveyed said that if they were to receive extra money, they would either save it or use it to pay bills, compared to 65 percent of men surveyed who said the same thing.

In a measure of potential consumer demand, women also continue to be more conservative than men in terms of purchasing large items. A total 33 percent of women surveyed believe it is a good (27 percent) or excellent (6 percent) time to make a large purchase, compared to a total 40 percent of men surveyed who believe it is a good (29 percent) or excellent (11 percent) time to do so.

According to the findings of the survey, women are more likely than men to report that the lessons they learned from the economic downturn are about the importance of social values.

While both men and women list the value of family, friends and quality of life over material goods, 38 percent of women surveyed list it as their top priority as compared to 28 percent of men surveyed.

Overall, 33 percent of adults surveyed said they have learned to value family, friends and quality of life over materials goods; 31 percent surveyed said they have learned to avoid going deeper into debt; and another 31 percent said the lesson they have learned is about living within a smaller budget.

Hart Research's survey for Citi included a telephone survey of 2,002 adults nationally from March 15-25, 2010. The survey included 1,010 women and 992 men.

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