Women Spend Like There’s No Tomorrow – Credit Card Debt a Major Issue

Women don’t get mad at me.  That headline is taken directly from the Oppenheimer Funds Annual 2006 Survey.  It states that

The majority of women surveyed — 60% — have over $5,000 in household debt and nearly 30% said they have over $20,000. When asked what type of debt women carry, 60% listed credit card debt followed by installment loans (24%) and line of credit (22%).

On a more positive note the survey reveals that

40% of respondents (men and women) manage the household budget, update the will and teach children about money together. These numbers represent a significant increase from approximately 30% of respondents who answered the same way in 2005. 

So all is not bad.

Here are some other key findings:

• Over 70% of women expect to live to be 80 or more compared with nearly 65% of men. Seventy percent of women also say they will outlive their spouse compared to 40% of men. 
• Thirty percent of women and men expect to support adult children and their parents financially.
• The majority of women (66%) and men (56%) believe children should start to learn about money under the age of 10.

The Survey also provides a few Financial New Year’s Resolutions for 2007

• Set Very Specific Short and Long Term Goals
• Start Saving For Retirement Immediately
• Don’t Forget College Funding
• Year-End Bonus? Don’t blow your year-end bonus on the latest HDTV.
• Pay Yourself First – investing just $50 a month over several decades would provide more than $500,000 at retirement.

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