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Women Taking Control of Personal Finances

By September 16, 2014News

women-taking-over-personal-financesAccording to a survey conducted by Ameriprise Financial, there’s been a substantial shift in women handling their personal finances and investments this past generation.

Women between the ages of 25 and 70 who have more than $25,000 in assets were include din the survey. The final results proved that 56 percent of women are involved in making financial decisions with their partners, while 41 percent had no help with personal finance and made decisions entirely on their own.

Women are increasingly becoming more aware of the need to be included in their financial well-being. The amount of women who believe it’s their responsibility to comprehend financial situation is higher among older women: 91 percent of baby boomers, compared to 84 percent of Gen X and 90 percent of millennial women.

Ameriprise financial advisor, Michelle Young stated that, “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.

Women who fall into Gen X face quite a bit of financial anxiety with 62 percent expressing concern about not properly funding their savings accounts. 30 percent disclosed they don’t feel they control their finances adequately. Pam Yellen, a financial expert, says that Gen Xers are caught between caring for aging parents who may need financial assistance and kids who are still living at home due to inability to find work in the weak economy or are in college. The pressures have led Gen X women to put their own financial security at risk.

Overall, Millennial women tend to be more confident and optimistic about their fiscal futures. In fact, 50 percent believe they are “more knowledgeable than my spouse/partner.” Yellen says millennial’s are the most risk-averse and most committed to growing their retirement.

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