Canadian women are concerned about the state of the economy, but not enough to take action to secure their financial futures, according to a recent survey by State Farm Insurance.

The survey, conducted in November, found that more than half of Canadian women between 25 and 65 feel anxious about their retirement and financial futures due to the recent economic downturn, but only 19% have made major changes to their financial plans.

Of the respondents, 65% have reconsidered their financial strategies within the last six months. Roughly one-third conducted research but didn’t do anything differently, and 38% made small changes with little or no impact on short- or long-term financial performance, such as moving money from chequing to savings accounts.

The survey also found that few women seek professional advice on their finances. Nearly 20% turn to their parents, 15% turn to friends and 12% turn to spouses. Only 7% would seek advice from insurance agents and 5% would approach accountants.

In gauging women’s financial knowledge, State Farm found that 38% of women have little knowledge; 31% are more knowledgeable but are unsure of their financial planning abilities and uncertain about their future security; and 32% are well-informed, confident about their finances, and feel adequately prepared for any economic challenges they may face.

“State Farm’s survey uncovers that most women need to gain a deeper understanding of their financial situation and most need to get beyond just the basic tools like RRSPs to ensure financial stability,” said financial expert Stacey Tisdale. “With the economic crisis intensifying, it’s more important than ever for women to take action. They may want to seek advice from professionals like financial planners and insurance agents as they get their finances in order.”

Also problematic is the fact that many women aren’t prepared for a rainy day, according to State Farm, with 32% reporting that they only have enough savings to cover one month or less of expenses.

Nearly 80% of women feel it’s important to be adequately prepared for the future, but 38% suspect they haven’t done enough to secure their financial futures.

“While the market downturn is out of their control, there are feasible steps they can take to address their personal situation,” said Tisdale. “Women need to reduce spending and increase savings now.”

State Farm encourages women to assess all their purchases and identify areas where expenses can be cut, calculate monthly expenses and ensure savings could cover at least three months of costs, and seek financial advice from an expert to ensure financial plans are secure.

IE