Women Now Lead in Managing Finances, Investments, and Retirement Plans

Women are taking charge of their financial futures like never before. Let’s explore how they are doing this, what it means, and how to further empower themselves.

Recent findings on women's financial independence reveal a shift in dynamics as women challenge norms and take control of their financial lives, careers, and futures.

Nearly all women in relationships are involved in managing household finances (94%), investments (94%), and, contrary to stereotypes, retirement planning (94%).

According to the first chapter of the State of Women in 2022 study, women feel proud of their financial choices. Out of over 1,000 surveyed women, 68% expressed pride in regularly engaging with their finances, 56% in paying off debt, 53% in purchasing a home, and 53% in discussing money openly.

Women Embrace Financial Independence

When it comes to combining finances with partners, most women prefer to keep things separate. Among partnered women, only one-third (33%) have fully merged their finances. Even among single women, a mere 2% would consider merging finances with a future spouse.

Women are indeed stepping into the role of financial decision-makers, with over half taking primary responsibility for household finances (59%) and investments (51%). Almost half (48%) also manage retirement planning for themselves and their partners.

On average, women sharing financial responsibilities with partners handle more than half of the tasks for household finances (55%), investments (54%), and retirement planning (55%).

So, how do they manage this? By distributing household chores more fairly. While 28% of women in relationships lead on household tasks, the majority share (66%) or delegate (6%) responsibilities. For home maintenance, 16% lead, while 47% share and 37% delegate.

“It’s encouraging to see women lead in managing household finances, investing, and planning for retirement,” notes a financial expert. “This research disproves the outdated notion that women are absent from investment decisions. Women must ensure their financial futures are secure since they often live longer and may earn less than men, making their retirement planning critical.”

Women Aiming for Career Advancement

Despite their financial leadership at home, only 60% of women believe their workplaces are improving in supporting them, with the pay gap being a significant concern. A third (34%) suspect that men earn more for the same roles, while one in six (17%) feel they are underpaid due to gender.

Almost two-thirds (63%) of employed women don’t feel compensated fairly, and about 39% of those unhappy with their pay plan to look for new jobs. More than half (54%) haven’t received raises above the cost of living in the past two years.

“Women are assuming financial leadership at home, and this research indicates they are applying that same drive at work,” says a financial expert. “It’s challenging to separate home and work lives, so we can expect women to continue seeking equitable treatment and advancement in their careers.”

Seeking Help is Always Acceptable

Collaborating with a trusted financial professional is crucial for creating a successful financial strategy that aligns with both immediate and future goals. Various resources are available to assist women in taking charge of their finances, such as:

The State of Women 2022 is derived from a study conducted in March 2022 among over 1,000 women aged 18 to 75, who are college-educated and work full-time. Two-thirds are married or partnered.