Women Taking On More Financial Responsibility

MINNEAPOLIS--(BUSINESS WIRE)--Feb 6, 2024--

Women are taking on more financial responsibility, according to the 2023 Women Money Power Study* from Allianz Life Insurance Company of North America ( Allianz Life ).

More women say they have the primary responsibility for managing finances and making financial decisions for their household. Nearly half of all women (49%) consider themselves to be the chief financial officer of their household. This is up from 41% in 2021. For married women, this increased from 34% in 2021 to 43% in 2023. Gen X women (54%) are the most likely to consider themselves the CFO, compared to millennials (51%) and boomers (41%).

This could be driven by their increasing economic power as more women say they are the primary breadwinner in their family. More than two in five women (43%) say they are the primary breadwinner in their family, up from 34% in 2021. More than half of millennial women (51%) say they are the primary breadwinner in their family, compared to 39% of Gen Xers and 37% of boomers. This increased across all age categories from 2021.

At the same time, women are feeling less secure financially than they did in the past. Just 64% of women say they feel secure – down from 72% in 2021. Married women are the most likely to feel secure (73%), compared to single (45%), divorced (54%), and widowed (44%) women.

Many women are uneasy about their plans for retirement. Just over half (52%) of women say they are confident about their current retirement plans. Divorced women are the most nervous with just 38% saying they feel confident about their current retirement plans. Meanwhile, 47% of single women, 56% of married women, and 53% of widowed women said the same.

“Women are holding more economic power and yet they still lack financial confidence,” says Heidi Vanderkloot, head of FMO distribution, Allianz Life. “The guidance of a financial professional can help women define a long-term financial strategy to increase that sense of confidence. A strong financial approach can include risk mitigation strategies and help ease the worry of future unknowns.”

Women increasing financial independence

Women increasingly say that they are more financially savvy than their spouse or partner. More than half (51%) of women say they are more financially savvy than their spouse or partner, up from 46% in 2021.

This more independent attitude affects how women manage their financial accounts and pay bills with a partner. About one in three (34%) of women view their finances as independent from their spouse or partner. Younger women are more likely to take this view. While 46% of millennial women say they view their finances independent form their spouse or partner, 28% of Gen Xers and 20% of boomers said the same. Still, 76% of women say they have made a conscious effort to decide on a shared approach to their finances.

Women seeking financial guidance

More women are seeking guidance from a financial professional. One in three women (33%) currently have a financial professional. This is increased from 26% in 2021. For women who have a financial professional, 77% say their financial professional is their ‘go to’ source for information.

Women say working with a financial professional helps them feel prepared for their financial future. Three in four (73%) wish they would have met with a financial professional sooner.

“The guidance of a financial professional is invaluable,” Vanderkloot says. “A financial professional can help women establish their financial priorities and how to achieve them in the long run. With a long-term financial strategy, women may feel more secure knowing that they have prepared for the risks that may threaten their financial future.”

*Allianz Life conducted the 2023 Women Money Power Study online in October 2023 with a nationally representative sample of 900 women age 25-75 with an annual household income of $30k+.

About Allianz Life Insurance Company of North America

Allianz Life Insurance Company of North America, one of the Ethisphere World’s Most Ethical Companies®, has been keeping its promises since 1896 by helping Americans achieve their retirement income and protection goals with a variety of annuity and life insurance products. In 2022, Allianz Life provided additional value to its policyholders via distributions of more than $7.7 billion. As a leading provider of fixed index annuities, registered index-linked annuities, and fixed index universal life insurance, Allianz Life is part of Allianz SE, a global leader in the financial services industry with approximately 150,000 employees in more than 70 countries. Allianz Life is a proud sponsor of Allianz Field® in St. Paul, Minnesota, home of Major League Soccer’s Minnesota United.

Products are issued by Allianz Life Insurance Company of North America. Variable products are distributed by its affiliate, Allianz Life Financial Services, LLC, member FINRA, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297. 800.542.5427 www.allianzlife.com

This content does not apply to the state of New York.

View source version on businesswire.com:https://www.businesswire.com/news/home/20240206108183/en/

CONTACT: Sarah Hauer

(763) 765-7341

[email protected]

@AllianzLife

KEYWORD: MINNESOTA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES CONSUMER WOMEN INSURANCE FINANCE PERSONAL FINANCE

SOURCE: Allianz Life Insurance Company of North America

Copyright Business Wire 2024.

PUB: 02/06/2024 10:18 AM/DISC: 02/06/2024 10:18 AM

http://www.businesswire.com/news/home/20240206108183/en

 

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