 Whether by choice or by default, women are more and more often taking over as the Chief Financial Officer of their homes. Whether by choice or by default, women are more and more often taking over as the Chief Financial Officer of their homes. This means they are making a full range of financial decisions for the household: from smaller, day-to-day choices about buying food and clothing for their families, to much bigger ticket items like investing for retirement and college, or whether to establish a living trust or a will.
A recent study confirms this trend. It’s called Women and Affluence 2010: The Era of Financial Responsibility, and it was conducted by Citigroup and Morgan Stanley Smith Barney. They polled participants on a wide variety topics related to money, including what finance-related topics they were comfortable talking about with friends and family versus which were taboo, how their financial lives and outlooks had changed since the Great Recession, whether they considered themselves as having a leadership role with regard to finances in their household and more. Here is an abbreviated list of some of the most compelling results.
| Stat |
2008 |
2010 |
| Women who are knowledgeable about investing and finances: |
75% |
82% |
| Women who consider themselves CFOs of their household: |
63% |
66% |
| Women who are talking about money with their family: |
N/A |
91% |
| Women who think that talking about money and investing outside the family is no longer taboo as it was pre-recession: |
N/A |
65% |
| Women who are imparting lessons about money to their children, family, friends and colleagues: |
N/A |
86% |
| Women who are sharing their financial values with others: |
N/A |
64% |
My favorite stat in there is the one we teased on the front page. A whopping 86% of you are doing what we do best: sharing your wisdom—this time about money—with the people you love most. And hasn’t that historically been one of womankind’s greatest strengths?
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These stats are exactly why Financial RX is an important resource for women.
Very interesting and informative.
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