Needs Assessment Report (2016)

Women’s Financial Preparedness Factoids

  • 40% of women who earn less than $40,000 are unable to sustain their lifestyle for less than one week if there was a loss of income.
  • Approximately 47% of single women have no retirement plan.
  • Only 22% of women who were retired were confident that they saved enough money for retirement.
  • 34% of low-income women reported they are unable to set long-term financial goals.
  • 35% of women who earned $40,000 plus were not able to pay their bills on time.
  • 15% of young women under 29 do not pay attention to their financial situation.
  • 28% of women identified that their greatest financial challenge was not being able to save.

Based on the findings from an environmental scan, financial industry interviews and the 1016 survey results, three vulnerable groups who struggle to become and maintain financial preparedness in Windsor-Essex have been identified: young women under 29 years old, women who earn less than $40,000 a year, and women who are 60 years and older. The needs of women in general and women in the above sub-populations are not being met.

Source: Needs Assessment Report (2016). Women’s Financial Preparedness: Bridging the division in Windsor-Essex. http://www.westofwindsor.com/ecom.asp?pg=our-programs-research-and-partnerships

 

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