Women's Financial Planning Time Dwindles

October 22, 2002 (PLANSPONSOR.com) - Women who run their family's finances aren't spending as much time on it as they used to and are less likely than men to enjoy the time they put in to financial issues, a survey found.

According to the Certified Financial Planner Board of Standards’ 2002 Consumer Survey, the women spent an average 3.86 hours per month on the family finances, down from 4.96 hours in 1999. The latest poll also found 38% of men and 31% of women like to plan for financial issues.

Other results included:

  • the number of women using a financial planner as their primary finance advisor climbed from 17% in 1999 to 22% in the latest survey
  • the overall number using a financial planner increased to 42% from 36% in 1999
  • women were less likely than men to feel that they are financially knowledgeable (56% vs. 69% for men) or more knowledgeable than most of their friends (43% vs. 54%)
  • women are much less likely to use the Internet for financial purposes than men (42% vs. 57%)

The survey was conducted via written questionnaire and includes responses from 996 households whose income placed them in the top income quartile for the age group of the person completing the survey.