Women are expected to collect $34 trillion in wealth by 2030, yet many are not planning for the surge in assets, finds a survey by Citizens Financial Group.
The Citizens Great Wealth Transfer Survey, which surveyed 1,500 U.S. adults, found that 84% of women lack confidence in managing money from an inheritance or financial bonus, compared to 73% of men. Another half (51%) of survey respondents say they’ve never opened an investment account.
This was especially true for younger women, who were likelier to admit having a lack of confidence. Sixty-six percent of Gen Z women and 50% of Millennial women say they’ve delayed their wealth management journey due to failing confidence, resulting in lost opportunities to build wealth, Citizens reports.
New wealth breaks, like the “Great Wealth Transfer,” provides an opportunity for women to seek out professional guidance. Ninety percent of women surveyed expressed wanting to meet with a financial advisor to help them reach their financial goals, with saving for retirement being the highest priority (36%).
“Now more than ever, sound wealth management and personalized financial planning can help all beneficiaries make informed investment decisions, prepare for retirement, protect their families and ultimately transition wealth,” said Tina Hurley, head of Planning and Ultra-High-Net-Worth Solutions at Citizens Wealth.
Others are leaning on family members and friends to discuss finances, reported another survey by Laurel Road, a digital banking platform of KeyBank. Its eight annual survey found that 44% of women would rather confide in their personal network regarding finances, with Gen Z (50%) and Millennial (47%) women particularly wanting to confide only in those closest to them, including parents.
A smaller percentage of women (30%) look to social media influencers when seeking financial advice or choose to listen to traditional media sources (24%). Gen Z women particularly utilize social media to tune in on financial trends and practices (48%), followed by Millennials (39%).
Despite their reluctance in speaking with a financial or retirement plan professional, Laurel Road says the findings show improvement with women’s financial confidence. Even if they don’t yet seek guidance from a professional, at least more are opening up on the subject of finances.
“We’re happy to see more women feeling empowered to talk about their finances, with our study showing nearly half of women turning to their friends and family to learn more about financial trends and best practices. This comfortability and willingness to discuss topics that have been traditionally considered taboo – especially for women – is crucial when navigating financial success,” said Alyssa Schaefer, general manager and chief experience officer at Laurel Road. “While this is a great first step, with continued uncertainty and financial anxiety on the rise, it’s important for women to also extend these conversations beyond inner circles and speak to a professional.”
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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.
