- ORIGINAL NEWS
93% of women are stressed about money. Building a cash reserve can help, experts say
- SUMMARY
Due to the gender pay gap and caregiving responsibilities, women often face financial vulnerability.
To address this, it’s recommended to build up a “f— off fund,” a cash reserve that provides security and independence.
To create this fund, set up a budget with three categories: essentials, retirement, and an emergency fund.
Aim to allocate 15% of your income to an emergency fund and increase it over time.
Once you have an emergency fund, consider consulting with a financial advisor to develop a long-term plan that empowers you financially.
By saving and planning wisely, women can improve their financial well-being and create a more financially stable future.
- NEWS SENTIMENT CHECK
- Overall sentiment:
positive
Positive
“Even a small cash reserve can provide security, according to writer Paulette Perhach, who coined it a “f— off fund.””
“In fact, financial stress levels drastically decrease with each additional month of emergency savings set aside, according to Fidelity.”
Negative
“Women are still more likely to take time out of the labor force or reduce the number of hours worked because of caretaking responsibilities, often referred to as the “motherhood penalty.””
“Other reports show that many American women stay in marriages that are unhealthy and even border on dysfunctional due to financial insecurity.”