Women are taking on more financial responsibility in their households, likely due to increasing economic power, reports a new study by Allianz Life.
According to the findings, which surveyed 900 women ages 25 to 75, more women are becoming the breadwinner in their family, and are therefore making the financial decisions at home. Forty-three percent of women surveyed say they make the most money in their family, up from 34% in 2021.
In fact, the number of women making more money than their partners increased across all age groups since 2021. This was especially prominent amongst Millennial women, 51% who say they are the primary breadwinner in their household, compared to 39% of Gen Xers and 37% of Baby Boomers.
At the same time, Allianz Life reports that women continue to feel less financially secure than they did in the past. Sixty-four percent of women say they feel financially secure today—down from 72% in 2021. Married women are the most likely to feel secure (73%), compared to single (45%), divorced (54%), and widowed (44%) women.
Many of these women also feel uneasy about their plans for retirement, with 52% reporting feeling confident about their current retirement plans. Divorced women are the most nervous about retirement, as just 38% report feeling any level of confidence with their long-term savings.
This compares to 47% of single women, 56% of married women, and 53% of widowed women who feel the same.
“Women are holding more economic power and yet they still lack financial confidence,” says Heidi Vanderkloot, head of FMO distribution, Allianz Life, in a statement.
With more women seeking guidance from a financial professional, Vanderkloot notes the findings present an opportunity for advisors to connect with women investors. Among women who work with a financial professional, 77% say their advisor is their “go to” source for information.
What’s more, women say working with a financial professional helps them feel prepared for their financial future. Three in four (73%) wish they would have met with a financial professional sooner, adds Allianz Life.
“The guidance of a financial professional can help women define a long-term financial strategy to increase that sense of confidence,” Vanderkloot stated. “A strong financial approach can include risk mitigation strategies and help ease the worry of future unknowns.”
SEE ALSO:
- Less Women are Confident in Their Ability to Fully Retire
- Women Less Confident About Retirement Prospects
- Women Investors Need Help with Retirement Ins and Outs
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
