Financial advisor outlines ways women can reduce money stress

MILWAUKEE (CBS 58) -- A recent study found 93% of women experience stress when managing their finances, according to financial advisor Tina Alfini of Drake & Associates.

Alfini joined us Monday, March 9 to talk about the financial challenges many women face. She said factors such as the gender pay gap, caregiving responsibilities and longer life expectancy can make it harder for women to save and prepare for retirement.

Alfini said paying monthly bills, debt and emergency expenses are among the most common financial stressors.

She recommends three steps to build confidence: creating a detailed budget, setting aside three to six months of expenses in an emergency fund and consistently saving 10% to 15% of income for retirement.

More information can be found by visiting Drake & Associates.