New research from Edward Jones explores the role women play in their families and finances, while highlighting their need for financial support.
The study, in partnership with Morning Consult and NEXT360 Partners, interviewed 43 women between the ages of 25 and 71. It found that about half (48%) of women in the “Sandwich Generation”—described as those caring for both older and younger loved ones—reported feeling under financial strain.
Nearly two-thirds of women (63%) in this generation say that caregiving has negatively impacted their ability to hit their financial goals, with over half (57%) having to tackle lesser responsibilities.
Despite this resulting in a loss of income, two-thirds of these women describe themselves as the “chief financial officer” of their family, as more assume financial accountability in their household. In fact, 2023 research from the Urban Institute shows that over half of all households in the U.S. are now headed by women. Still, over half (56%) say they do not have enough savings to be the sole caregiver for their parents (54%) or children (46%).
“While many women want the choice and ability to have careers, be caregivers and be the CFO of their families, balancing the responsibilities of health, family, purpose, and finances have significant trade-offs,” said Vanessa Okwuraiwe, principal at Edward Jones.
Over the next five years, women in the sandwich generation are remaining focused on saving and prioritizing long-term expenses such as caregiving (75%), child education (72%) and healthcare (81%). Others are turning to professionals for help as they attempt to manage financial decisions like investments. Fifty-one percent said they would be more confident in planning for their financial future if they had the help of an advisor (51%).
The top qualities women reported looking for in a financial professional are someone who understands their financial goals and priorities (64%), is transparent about fees and charges (58%), and has experience in financial markets (57%).
“Working with a financial professional can help women set their short- and long-term financial goals with a clear path to achieve them,” said Mona Mahajan, principal and senior investment strategist at Edward Jones. “Women want a financial professional who gets them, guides them, and can make things easier. In fact, half of the women we spoke with said they believed working with a financial professional would help boost their financial confidence.”