5 Key Findings on Women and Wealth


In the coming decade, as much as $30 trillion in wealth (or more by some estimates) is expected to start changing hands as baby boomers pass assets down to the next generation. And with higher life expectancy rates for women and a tendency for heterosexual women to marry older partners, a significant portion of that wealth will soon be controlled by women.

However, studies show women – especially older women – tend to be less engaged and less comfortable with managing money, and they generally have different concerns, priorities, financial goals and risk tolerance levels than men.

The following are a few key differences that could come into play over the next few years as this generational and gender wealth shift starts to play out.

  1. Women are more likely to associate financial planning with feelings of “stress” and “anxiety” than men, according to the 2020 U.S. Bank Women and Wealth Insights Study. The study found that while millennial women are twice as likely as older women to say they enjoy spending time with their finances, “the majority of women still do not enjoy the experience.”
  2. 72% of women cited “financial security” as a main motivator for building wealth compared to 59% of men in the U.S. Bank study. Women also worry more than men do about having enough money for retirement.
  3. Women are less likely than men to favor big investment risks, even with the potential of higher returns, according to research by McKinsey and others.
  4. Compared to men, the U.S. Bank study found that women are less engaged with personal finance-related activities, such as using apps to track their finances, listening to money-related podcasts, watching money-related TV shows or talking about finances with friends. There is also a generational difference: Millennial women are much more likely to engage in these activities than older women.
  5. Nearly 3 in 4 survey respondents (both men and women) in the U.S. Bank study, which focused on individuals who have a minimum of $25K in investible assets, engage a financial adviser for assistance with managing their finances. However, the study also found that women tend to start working with a financial adviser later in life than men do.

As women continue to gain more control over a greater amount of wealth and more assets change hands in the coming years, it will become increasingly important for women to seek resources to help them maximize their assets. An experienced financial professional can help provide the insights, guidance and expertise needed to assist them in reaching their financial goals.

Contact me or another Kaufman Rossin Wealth professional today to learn how we can help.

Maria Socarras is a Director of Client Experience at Kaufman Rossin Wealth, LLC, a Registered Investment Adviser.

Leave a Reply

Your email address will not be published. Required fields are marked *

We respect your personal information. Please review our Privacy Policy for more details.