Nine-in-ten of Boomer-aged women feel it is their responsibility to understand their financial situation, compared to 82 percent of younger women.
A new Ameriprise Financial study of women ages 25-70 with at least $25,000 in investable assets found that four-in-ten (41 percent) are self-directed and making financial decisions alone. While nearly two-thirds of those surveyed are either unmarried or divorced (63 percent), the remained are in long-term relationships and making financial decisions for the household.
Forty-two percent of the women surveyed view themselves as the most financially savvy person in their household. Nearly three-in-ten (28 percent) say they are not only making the financial decisions, but they’re enjoying as well, while nearly one-third are deliberately setting aside time to make those decisions and chart their financial futures. Another 56 percent surveyed said they are sharing equally in financial decisions with a spouse or partner.
Less than 5 percent said they are uninvolved with matters of personal finance.
Across age groups. women Baby Boomers are more confident than previous generations about their finances, the study finds. Nine-in-ten of Boomer-aged women feel it is their responsibility to understand their financial situation, compared to 82 percent of younger women. They are also more likely to report having a financial plan with which they are comfortable (76 percent vs. 55 percent of younger women).
Spectrem’s Millionaire Corner research finds that, for women especially, outliving their retirement is their greatest financial fear, while not saving enough for retirement is their greatest financial regret. The Ameriprise study underscores how these attitudes make for compelling motivation to create a financial plan. Three-fourths of the women surveyed are confident that their planning will pay off in the future (vs. 63 percent of younger women), while 62 percent of Boomer-aged women said they feel a strong sense of control when it comes to saving and investing.
With a plan in place, Boomer-aged women are more likely to report feeling at peace with their financial decisions. Four-in-five said they are satisfied that they’ve achieved “the things that are important” to them, compared with 66 percent of younger women. More Boomer-aged women placed a higher premium than their younger cohorts on such life values as financial security, family harmony and health.
Related story: Financial advisors bridge confidence gap for women
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.