Women Take The Financial Lead In Households, But Feel Less Secure

Women Take The Financial Lead In Households, But Feel Less Secure

Data from the 2023 “Women Money and Power” study from Allianz Life Insurance Company suggests that while women in the US may be taking the lead in their household finances, they are feeling less secure than they have in the past. The key findings from this study suggest that 49% of women consider themselves to be the “Chief Financial Officer” of their household, but only 64% of women feel secure, which is down from 72% in 2021.

Women Who Take The Lead Financially

The number of women shifting to take over household finances is increasing over the  years. In 2021, only 41% of the women surveyed indicated that they were in charge of their household finances while this number grew to 49% in 2023. These numbers get even more interesting when looked at generationally, with 54% of Gen-X women feeling that they lead their household finances, compare dto 51% of millennials and 41% of boomers.

It may have to do with being the breadwinner as 43% of the women surveyed report that they consider themselves to be the breadwinner in their family. This number is an increase from 2021, when only 34% of women considered themselves the primary breadwinner.

Why Do They Feel Less Secure?

Although women may be the breadwinner and are taking control of their finances within their family, they also report feeling less secure financially. In 2021, 72% of women surveyed reported feeling secure, while only 64% in 2023 report feeling secure. This could be due to the changing economy, or a lack of confidence when it comes to their financial planning.

Just over half, at 52%, of the women surveyed felt confident regarding their retirement plans. Their marital status also impacted their confidence levels, with married women reporting higher levels of confidence than divorced or married women.

One third of women currently have a financial professional to help with their finances, which is an increase from 26% in 2021. Of those that work with a financial professional, 73% wish they would have started even sooner.

The data from this Allianz life study may be useful when you’re marketing and working with female clients, as women seeking financial guidance may have different wants and needs to address. This Allianz study was completed in October of 2023 and included 900 women from the ages of 25-75 with an annual household income of $30,000 or more.

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