Closing the financial gender gap is a marathon, not a sprint

America Saves, a national campaign that promotes savings, notes significant differences in savings between men and women. A 2014 survey showed that women displayed a greater interest in savings, but there was no greater savings effort or savings effectiveness compared to men. But just two years later in the same survey, the gender gap leapt off the page. Woman were notably behind across 12 important financial indicators including consumer debt, savings habits, emergency savings and general savings progress.

As concerns continue to rise over American’s often inadequate retirement and emergency savings, it’s become clear that the gender disparity can no longer be pushed aside. 2017 has already been dubbed the year of “financial feminism,” and the momentum behind understanding and dismantling the financial gender gap has been picking up speed in headlines.

The fight to close this financial gender gap is a marathon, not a sprint, and there’s still a great deal of work to be done. The challenges women face are not going to disappear anytime soon but the financial choices women make in their circumstances can help to shift the tide.

Here are three actions women can take today to better set themselves up for long-term success:

1. Identify your savings goals. Women are outperforming men in the stock market, but the impetus behind their success isn’t solely to make money. Successful female investors are successful because they’ve established long-term goals and savings targets. This practice is by no means limited to investing. In fact, savers with a plan are twice as likely to save successfully for things like retirement.

Think about what motivates you to save and create concrete and realistic savings goals around that motivation.

2. Prioritize retirement savings. Enroll in any retirement options offered at your workplace and start making contributions as early and as often as possible. If your employer offers a match and you’re not taking advantage of it, you are leaving money on the table.

If your employer doesn’t offer a retirement plan, or a plan that works well for you, you can save for retirement by putting money in an individual retirement account. Compound interest will maximize your savings over time, helping to make retirement comfortable and ultimately combat the expenses of that longer lifespan. Learn more about IRAs and the different types here.

3. Ask for help. Don’t miss out on opportunities to dig yourself out of a financial hole or enhance your financial literacy because of shame or unfamiliarity. Whether you are up to your ears in high-interest debt, tackling retirement savings, getting a divorce, or expanding your family, there are local and national resources, like the Women’s Institute for a Secure Retirement, available to help educate and support you on your unique financial journey.

Not sure if you’re in debt trouble? Find out by answering these four simple questions. Can you only afford to make minimum payments on your credit cards? Do you worry about finding the money to make monthly car payments? Do you borrow money to pay off old debts? Have you used a home equity loan to refinance credit card debts, then run up new revolving balances on your cards?

Getting out of debt is the third goal Savers select when they pledge to save. With planning, discipline, patience and maybe some outside help, almost anyone can reduce their debts and start to accumulate wealth. Resources are available at https://americasaves.org/for-savers/debt-and-credit.