A survey by the Jefas y Jevas platform found, among other results, that 25% of participants have no savings and only 9% have managed to save more than $50,000.
The survey also found that 37% of women participants have less than $1,000 saved and 50% have less than $2,500.
The survey was conducted during April and May and drew more than 987 participants, receiving responses from 657 women. According to Jefas y Jevas, the findings reveal for the first time precise data on how working women in Puerto Rico manage their finances, their saving habits and their retirement preparedness.
"These results are undoubtedly compelling and validate our goal in conducting this study, since we did not have real data," said Celina Nogueras, entrepreneur and creator of Jefas y Jevas, a financial independence and professional and business empowerment platform, in a written statement.
"However, with this information, we not only have a clearer picture of women's financial reality, but it invites us to keep spreading the educational message about the importance of managing budgets, developing a savings culture, investing and preparing for retirement," she added.
Among survey participants, credit cards represent the main source of debt, and 41% of participants carry between $10,000 and $50,000 in debt. In addition, 18.6% face debts exceeding $50,000 and 28% have less than $5,000 in debt.
On the investment side:
51% of participants said they have some type of investment.
Most investments are concentrated in retirement accounts such as 401(k)s and individual retirement arrangements (IRAs).
Only 7% invest in the stock market.
15.2% choose real estate.
The study also found that many women lack support on financial matters: one in three has no one to consult, and only one in four discusses finances with a partner.
Meanwhile, 22.41% of participants are not prepared for retirement. 85% of women said their money does not go far enough and that they are not adequately preparing for the future.
At the same time, 72.9% of respondents do not know the ideal age to retire, pointing to a lack of planning. "We cannot make a plan if we have no direction. We need to understand how we want to retire and make a financial plan to do it on our own terms," Nogueras concluded.
This content was translated with the assistance of Artificial Intelligence (AI).
