Study finds 93 percent of women report stress when managing finances

MILWAUKEE (CBS 58) -- A growing number of women report financial stress, and local professionals are identifying causes and solutions. Financial advisor Tony Drake joined us on Wednesday, April 23 to discuss.

According to a recent study, 93 percent of women experience stress tied to money management. Contributing factors include the gender pay gap, family responsibilities and longer life expectancy. Drake noted that many women receive reduced Social Security benefits due to lower lifetime earnings.

Drake recommends budgeting, building emergency savings and contributing 10 to 15 percent of income toward retirement. A separate report showed only 44 percent of women feel prepared to retire.

Women seeking personalized support are encouraged to meet with a financial professional to discuss customized strategies and improve financial literacy.

To learn more, visit Drake & Associates online.