Sex and the City generation shirks financial responsibility

The Sex and the City generation is living for today and shirking financial responsibility, according to a new report released by FTSE 100 life and pensions company Friends Provident.

It found that just seven per cent of the women surveyed between the ages of 25 and 45 listed financial solvency as being important to them.

And these women are spending their money on the here and now rather than the future, the Sex and the City Generation: Fashionistas not Cashonistas report, by Friends Provident and Next Big Thing, revealed. Over half (54 per cent) said they save £500 or less annually a third of which (39 per cent) said they save only £200 or less a year. More women own a car (67 per cent) than have savings or investments (63 per cent). The report also found that almost as many women surveyed own 30 pairs of shoes (26 per cent), as have life or health insurance (29 per cent) or a personal pension (31 per cent).

The women questioned have revealed themselves to be significantly more preoccupied with other things than their finances. One in six of those surveyed (16 per cent) think about their finances less than once every month. When asked about men and relationships, 58 per cent of those surveyed think about men at least once a day and one in six (15 per cent) think about relationships at least once an hour! One fifth of single or divorced women (18 per cent) want to meet a rich man so they don't have to worry about money anymore.

When it comes to having a financially secure future, only 14 per cent of respondents worry about not having enough money in retirement and only 31 per cent have a personal pension. Fewer single women have personal pensions (23 per cent) or life / health insurance (20 per cent).

However, women do show themselves to be financially savvy in some respects as two thirds (65 per cent) of the women polled regularly use online banking. Almost half (45 per cent) use product comparison sites to get the best deal but less than a third (31 per cent) use this method to shop around on finances.

Christine O'Grady, senior media relations executive at Friends Provident, said: "Our Sex and the City Generation: Fashionistas not Cashonistas report has revealed that lots of women don't rank financial matters as highly on their list of priorities as they should. Women's earnings can often be fragmented due to them taking time off work to care for their children or older parents and as a result they need to take more care to plan for their futures and maximise their pensions. We are urging women to take control of their money and make sure that they reach a balance between enjoying themselves and ‘living for today' as well as planning and saving for emergencies and an enjoyable retirement."