An “Allianz Women, Money, and Power” study of 1,400-plus women found more than 50 percent claim they are the chief financial officer of the household or have a great deal of responsibility for family finances, including long-term savings and investments, including retirement plans.
Additionally, 37 percent of women say they are the primary breadwinner of the family compared to 31 percent the last time the study was done, in 2013. Despite having such a large impact on household finances, the number of women who say they “have more earning power than they’ve ever had” has decreased to 50 percent from 57 percent in 2013. Only 44 percent claim they have “leaned in’’ at work by asking for a raise or promotion they thought they deserved.
“Women are taking a larger role in managing household finances and are gaining more responsibility for the financial success of their family,” said Katie Libbe, an Allianz Life vice president of consumer insights. “The savviness that women exhibit with their household finances can translate to being more assertive and having confidence to take risks in their careers.”
The survey also found the majority of women feel they are more financially savvy than their spouse or partner, and nearly seven out of 10 respondents report that becoming more knowledgeable and involved in managing finances made a difference in their quality of life. However, many women still report uncertainty about their financial decisions.
Sixty-one percent of women wish they had more confidence in their financial decision-making and 63 percent wish they knew more about financial planning and investing.
Allianz recommend working with a financial professional and financial education to empower women.