New study shows women are increasingly in control of household financials
Media Contact: Barbara Fornasiero; EAFocus Communications; barbara@eafocus.com; 248.260.8466
Wyandotte, Mich. —March 18, 2025 —Women’s History Month is a good time to zero in on women and money. According to recent research from the CFP Board, women are increasingly stepping into the role of financial leaders within their households. The research notes that 69% of women surveyed, including 60% of married women, are the key financial decision-makers. Having overcome serious financial setbacks when she was younger, Carma Peters, president and CEO of Michigan Legacy Credit Union, combines her professional and experience-based wisdom to offer women tips for getting on the right financial track – and staying there.
“While many money tips are applicable to everyone, the reality is that women face some unique situations that should be factored into their financial journeys,” Peters remarked.
- Know the unique factors impacting women and money
Women live longer than men and statistically earn less than their male counterparts; plus, they may take time off to raise children and care for elderly relatives. Also, women are getting married later, potentially impacting the saving power of a dual income home. These factors need to be considered when evaluating job and salary options and short- and long-term savings approaches.
- Establish a budget
Establishing a budget and sticking to it is the most important tool a woman can use to achieve financial success. It’s a difficult but important habit to form: track every penny spent against what’s coming in so you can be accountable to yourself and adjust your spending as necessary. This can also help rein in “weakness” purchases – things women may love but don’t actually need – like a designer purse or spa treatment.
- Develop a savings plan
Women are used to putting others first. But when it comes to saving money, women need to pay themselves first to get in the good habit of saving even a little bit of money each pay period. Begin by saving a small amount of each paycheck. When income rises due to a pay raise, new job opportunity, or even an inheritance, a portion of that increase or inheritance needs to be saved. When you pay off a debt like a student loan or car, send at least a portion of the former payment to savings. Need help in getting started? Don’t hesitate to seek assistance from your credit union or financial institution.
- Establish good credit – and know the cost of credit
A key component of a good credit score is not using more than 50% of your available credit limit. That accounts for 35% of your credit score. Equally important, make all credit card and loan payments on time. Combined, these two factors comprise 65% of your credit score. And know the cost of credit! Store credit cards may charge as much as 32% in interest on unpaid balances. Credit cards issued by a credit union cannot exceed 18% in interest per national credit union regulations. A purchase of $100 with a retailer’s credit card can actually cost as much as $392.88 if it’s paid over the full repayment length of the credit card instead of when the bill arrives.
- Know the difference between saving and investing
To maximize savings, include investments, too. When the timing is right, consider seeking the services of a financial advisor (perhaps a female advisor!) to take your savings beyond standard interest rates. Because there are risks of losing the principal and actually having less money than before investing, having an advisor guide you to the best investments for your situation and risk tolerance is wise. The CFP Board study found that more than half of women think financial advisors are the best option to help them reach their goals.
- Have an emergency fund
Aim for a six-month emergency fund to cover unexpected expenses that may arise from a job loss, major home or car repair, or parental/family leave. However, look for the best interest rate on the emergency fund while still allowing immediate access. Keeping money in a low interest account can be counterproductive for maximizing savings.
“Getting on strong financial footing doesn’t happen overnight – it often takes years,” Peters said. “But the freedom and peace of mind make all the discipline required to meet long-term financial goals worth the interim sacrifice.”
About Michigan Legacy Credit Union
Michigan Legacy Credit Union (MLCU) is a member-owned, not-for-profit financial cooperative serving members who live, work, worship, attend school, or own a business in the state of Michigan. Michigan Legacy Credit Union is committed to providing quality financial services at a competitive price, delivered professionally and efficiently while keeping member/owners and their needs first. For additional information on MLCU, visit: www.michiganlegacycu.org.
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