More women are taking charge of their finances and careers
Those who are CFO of the household also handle investing and retirement planning, new survey finds.
An increasing number of women are taking charge of their finances, careers and futures, according to a new survey, and employers as well as financial advisors might want to take note.
The survey conducted by the Alliance for Lifetime Income and HerMoney “dispels an old belief that women are the CFOs of the household but are somehow absent when it comes to investing and planning for retirement,” said Jean Statler, CEO of the Alliance for Lifetime Income.
Nearly all women who reported being in a relationship play a role in managing not only their household finances (94 percent) but also managing investments (94 percent) and, contrary to popular belief, retirement planning (94 percent).
More than 1,000 women surveyed said they are most proud of engaging with their finances on a regular basis (68 percent), paying off debt (56 percent), buying a home (53 percent) and being able to talk openly about money (53 percent).
When it comes to love and money however, most women prefer to keep the two separate. Among women with partners, only one-third have completely merged their finances with their significant other.
Despite taking the reins in being financially independent, only 60 percent of women surveyed believe their workplace is making progress in how it supports women, and the pay gap is a major issue for many. One-third know or suspect that men at their companies earn more for the same jobs. Among women who believe they are not well compensated, one in six suspect they are being underpaid because of their gender.
Nearly two-thirds (63 percent) of women who work for others don’t feel well compensated, and nearly 40 percent of those who are dissatisfied with their pay are planning to seek employment elsewhere. More than half who work haven’t received a raise above the cost of living in the past two years.
“Women have truly taken on a financial leadership role at home,” HerMoney CEO Jean Chatzky said. ”What this new research shows is that we’re beginning to apply that same initiative when it comes to money at work. It’s really hard to separate your home and work life at the end of the day, so expect to see women continuing down a path that brings them together.
“One way that may show up this year: 100 percent of employers should be making progress in their support of women, and those who don’t face the very real scenario that women will seek out new employers that are.”