More Women Are Taking Control of Personal Finance Decisions
There has been a significant shift in women and their involvement with their personal finances and investments during this past generation, according to a recent survey from Ameriprise Financial.
The survey included women between the ages of 25 and 70 who have more than $25,000 in investable assets. The results showed that 56% of women participate in making financial decisions with their partner, and 41% make decisions entirely on their own.
Further insight showed that of those making the decisions on their own, 37% said they were in long term relationships.
A woman’s involvement in financial decisions changes as they move through different life stages. 76% of women in the baby boomer generation have a financial plan, compared to 56% of younger women. 91% of boomer women believe it is their responsibility to understand their financial situation compared to 84% of Generation X women and 80% of Millennials.
“Baby boomer women face some of the biggest financial decisions of their lives between retirement and Social Security choices, so having trusted partners in their spouses and financial professionals is incredibly important,” said Ameriprise financial advisor Michelle Young in an interview.
Women from Generation X face a great deal of anxiety about their personal finances, with 62% of them expressing concern about not saving enough money. 30% revealed they do not feel in control of their finances. Millennials are more confident about their financial futures than Generation Xers.
“More of these women [than in the other generations] who are primary financial decision-makers for their households say it’s because they want to be or because they feel more knowledgeable than their spouse or others who help them with finances,” said Young.