More than ever, women are owning their financial futures
Percentage of women who feel confident managing money:
Our latest study on women’s financial wellness reveals increasing assurance in money matters — and a desire to learn more to better pursue long-term financial goals
WOMEN ARE INCREASINGLY TAKING CHARGE when it comes to their finances and their future. They’re becoming more at ease talking about money — especially with other women — more likely to seek out financial information and advice, and more confident in pursuing their goals. When asked if they believe that “men are more knowledgeable about finances and investing than women,” only 27% of women agreed — compared with 43% of men.1 Those are just some of the key findings of a new Merrill study, “Women, Money, Confidence: A Lifelong Relationship,” which tracks significant progress in many areas when compared with the results of a similar Merrill study conducted in 2018.2
“The events of recent years have caused a lot of women to step back and ask themselves, ‘How do I plan for the future that I want?’ whether that’s by paying down debt, saving and investing more money or earning more,” says Lorna Sabbia, head of Retirement & Personal Wealth Solutions at Bank of America. The latest study found that, while a majority of women feel they’re doing well managing their day-to-day finances, they recognize that more progress is needed, particularly when tackling longer-term goals. The survey also reinforced key differences emerging among generations. For example, women under 40 are more comfortable asking for a raise and discussing new investment opportunities, and young married women are more than twice as likely as previous generations to be the primary decision maker in the family when it comes to money. “There’s a lot that’s changing with the next generation of women that I think is really phenomenal,” says Sabbia.
Explore the study’s highlights below, plus next steps to consider to help you achieve your financial goals.
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