Report: Women Increasingly Serving as “CFO” of Their Households, yet Uncertain About Achieving Financial Goals
Primerica's report on Empowering Middle-Income Women's Financial Decisions reveals significant gaps in women's financial confidence despite their increasing role in household financial management. The study, based on surveys of over 7,800 women, highlights that while women excel in budgeting and saving, they lack confidence in complex financial activities like investing. Key findings include:
1. Women are confident in basic financial tasks but less secure in investment decisions.
2. They seek financial advice to compensate for perceived lack of experience.
3. Over 50% prefer financial professionals who can relate to their background.
4. 75% prefer human advisors over AI-powered robo-advisors.
The report emphasizes the need for increased female representation in financial services, as women are projected to control $30 trillion in personal wealth by 2030.
Il rapporto di Primerica su Empowerment delle Decisioni Finanziarie delle Donne a Reddito Medio rivela significative lacune nella fiducia economica delle donne nonostante il loro ruolo crescente nella gestione delle finanze familiari. Lo studio, basato su sondaggi di oltre 7.800 donne, evidenzia che, sebbene le donne siano esperte in budgeting e risparmio, mancano di fiducia nelle attività finanziarie complesse come gli investimenti. I risultati chiave includono:
1. Le donne si sentono sicure in compiti finanziari di base ma meno sicure nelle decisioni di investimento.
2. Cercano consigli finanziari per compensare la percezione di mancanza di esperienza.
3. Oltre il 50% preferisce professionisti finanziari che possano relazionarsi con il loro background.
4. Il 75% preferisce consulenti umani rispetto ai robo-advisors alimentati dall'IA.
Il rapporto sottolinea la necessità di un aumento della rappresentanza femminile nei servizi finanziari, poiché si prevede che le donne controlleranno $30 trilioni di ricchezza personale entro il 2030.
El informe de Primerica sobre Empoderando las Decisiones Financieras de las Mujeres de Ingresos Medios revela brechas significativas en la confianza financiera de las mujeres a pesar de su creciente papel en la gestión de las finanzas del hogar. El estudio, basado en encuestas a más de 7,800 mujeres, destaca que, aunque las mujeres se destacan en presupuestos y ahorros, carecen de confianza en actividades financieras complejas como la inversión. Los hallazgos clave incluyen:
1. Las mujeres están seguras en tareas financieras básicas pero menos seguras en decisiones de inversión.
2. Buscan asesoría financiera para compensar la percepción de falta de experiencia.
3. Más del 50% prefiere profesionales financieros que puedan relacionarse con su contexto.
4. El 75% prefiere asesores humanos sobre asesores robóticos impulsados por IA.
El informe enfatiza la necesidad de una mayor representación femenina en los servicios financieros, ya que se proyecta que las mujeres controlen $30 billones en riqueza personal para 2030.
프라이머리카의 중산층 여성의 금융 결정 권한 부여에 관한 보고서는 가정의 재정 관리를 담당하는 여성의 역할 증가에도 불구하고 여성의 금융 신뢰에 중요한 격차가 있음을 보여줍니다. 7,800명 이상의 여성에 대한 설문 조사를 기반으로 한 이 연구는 여성들이 예산 편성과 저축에는 뛰어나지만 투자와 같은 복잡한 금융 활동에 대한 자신감이 부족하다는 점을 강조합니다. 주요 결과는 다음과 같습니다:
1. 여성들은 기본적인 금융 업무에 대한 자신감은 있지만 투자 결정에는 덜 자신감을 느낍니다.
2. 경험 부족에 대한 인식을 보완하기 위해 금융 조언을 요청합니다.
3. 50% 이상이 자신의 배경과 관련된 금융 전문가를 선호합니다.
4. 75%가 AI 기반 로보 어드바이저보다 인간 상담사를 선호합니다.
보고서는 금융 서비스에서 여성의 대표성을 높일 필요성을 강조하며, 2030년까지 여성들이 30조 달러의 개인 재산을 관리할 것으로 예상됩니다.
Le rapport de Primerica sur L'émancipation des décisions financières des femmes de classe moyenne révèle des lacunes importantes dans la confiance financière des femmes malgré leur rôle grandissant dans la gestion des finances familiales. L'étude, basée sur des enquêtes auprès de plus de 7.800 femmes, souligne que bien que les femmes excellent en matière de budget et d'épargne, elles manquent de confiance dans des activités financières complexes comme l'investissement. Les principales conclusions comprennent :
1. Les femmes sont confiantes dans les tâches financières de base mais moins sécurisées dans les décisions d'investissement.
2. Elles recherchent des conseils financiers pour compenser un prétendu manque d'expérience.
3. Plus de 50 % préfèrent des professionnels de la finance qui peuvent s'identifier à leur parcours.
4. 75 % préfèrent des conseillers humains aux conseillers proposés par l'IA.
Le rapport souligne la nécessité d'une plus grande représentation féminine dans les services financiers, les femmes étant appelées à contrôler 30 trillions de dollars de richesse personnelle d'ici 2030.
Der Bericht von Primerica über Die Stärkung von Finanzentscheidungen mittlerer Einkommensfrauen offenbart erhebliche Lücken im finanziellen Vertrauen von Frauen, trotz ihrer zunehmenden Rolle im Finanzmanagement der Haushalte. Die Studie, die auf Umfragen von über 7.800 Frauen basiert, hebt hervor, dass Frauen in Budgetierung und Sparen hervorragend sind, aber wenig Vertrauen in komplexe finanzielle Aktivitäten wie Investitionen haben. Zu den wichtigsten Ergebnissen gehören:
1. Frauen sind in grundlegenden finanziellen Aufgaben sicher, aber weniger in Anlageentscheidungen.
2. Sie suchen finanzielle Beratung, um das wahrgenommene Fehlen von Erfahrung auszugleichen.
3. Über 50% bevorzugen Finanzprofis, die sich mit ihrem Hintergrund identifizieren können.
4. 75% ziehen menschliche Berater den KI-gesteuerten Robo-Beratern vor.
Der Bericht betont die Notwendigkeit einer erhöhten weiblichen Vertretung im Finanzdienstleistungssektor, da erwartet wird, dass Frauen bis 2030 Vermögenswerte im Wert von 30 Billionen Dollar kontrollieren werden.
- Primerica's extensive survey data provides valuable insights into women's financial behaviors and preferences
- Women show high capability and success in managing basic finances like budgeting and saving
- Women are projected to control about $30 trillion in personal wealth by 2030, indicating a significant market opportunity
- Women lack confidence in complex financial activities like investing, despite outperforming men in investment returns
- Only 34% of women surveyed feel confident investing in stocks, bonds, or mutual funds
- Less than one-fifth of women currently use a financial professional, despite nearly half feeling confident in selecting one
Insights
This report highlights a significant confidence gap in women's financial management, particularly in investing. Despite
The projected
The preference for human financial advisors over AI-powered robo-advisors (
However, the gap between women's confidence in basic financial tasks and complex investing activities points to a potential market failure in financial education and empowerment. Financial service providers could benefit from developing targeted educational programs and marketing strategies that address these specific confidence gaps, potentially unlocking a vast market of underserved female investors.
This report underscores a critical representation issue in the financial services industry. The desire for financial professionals who can relate to women's backgrounds highlights the importance of diversity in the sector. This lack of representation may be contributing to the confidence gap in complex financial activities.
The data presents a clear call to action for the industry to increase female representation among financial advisors. By doing so, firms could not only tap into the growing market of women-led households but also help bridge the confidence gap in investing. This could lead to more women engaging in wealth-building activities, potentially narrowing the gender wealth gap over time.
Survey data of more than 7,800 women finds insecurity in ability to invest in investment accounts, despite confidence in budgeting skills and ability to save
Report findings reveal that despite the remarkable gains women have made in work, education and financial security over the past 50 years, significant gaps persist in how women understand and manage their finances. This lack of confidence, coupled with an underrepresentation in the financial services industry, highlights ongoing challenges and opportunities to empower women on their financial journeys.
“Women are increasingly taking a lead role in the financial welfare of their families. But data suggests they lack confidence to achieve financial security, despite women proving they can adeptly manage their household budget and possessing a level of education often surpassing their male counterparts,” said Tracy Tan, CFO of Primerica. "There is a clear need to increase female representatives in financial services. Trends confirm that women want to work with a financial professional who shares a similar background.”
The report uses a wealth of data from Primerica’s Financial Security Monitor™ (FSM™), a quarterly survey of middle-income households’ financial confidence and outlook. In all, the findings represent the collective responses of more than 7,800 women across 15 completed FSM™ surveys since Primerica began polling middle-income households quarterly in 2020.
“We see that, although nearly half of all women surveyed feel confident in their ability to select a financial professional, less than one-fifth currently use one,” said Amy Crews Cutts, Ph.D., CBE®, economic consultant to Primerica. “In addition, despite women showing high capability and success in managing their finances, they often underestimate their personal skills when it comes to complex financial activities like investing in stocks and bonds. These trends highlight untapped potential among a growing population of woman-led households who are forecasted to command about
Key Findings:
- The Confidence vs. Performance Challenge: Primerica’s survey data shows that women overwhelmingly express confidence in basic financial tasks like budgeting and saving. However, far fewer feel secure in their ability to invest in investment accounts like mutual funds. Other studies show women who are confident in their abilities to invest consistently outperform men in investment returns.
- Women Seek Financial Advice to Make Up for Experience They Don’t Have: Women respondents said they mainly seek financial advice from professionals due to their own lack of experience, and they are likely to rely on friends and family for the same reason.
- Women Want to Get Financial Advice from Someone They Relate to: More than half of women surveyed value a financial professional who can relate to their background and understand their life journey.
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Women Overwhelmingly Do Not Want to Use AI-powered Robo Advisors:
75% of women prefer to get their financial advice from a human.
The full report can be accessed here and key data elements are included below.
Data Highlights
Share of female respondents in Primerica FSMTM survey indicating they are somewhat confident or very confident they would know how or be able to do each of the following: |
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Build good credit |
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Pay down credit card debt |
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Create and follow a financial budget |
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Save for the short or long term |
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Buy life insurance |
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Repay all your outstanding debt before retiring |
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Set up a retirement account such as a 401(k) or IRA |
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Buy real estate |
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Select a licensed and trained financial professional to assist you |
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Invest in stocks, bonds, or mutual funds |
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Note: Responses from the 15 panels of the Primerica FSMTM Survey. Not all options were asked in every panel. |
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About Primerica’s Financial Security Monitor™ (FSM™)
Since September 2020, the Primerica Financial Security Monitor™ has surveyed middle-income households quarterly to gain a clear picture of their financial situation, and it coincides with the release of the monthly HBI™ four times annually. The findings in this latest report represent the collective responses of more than 7,800 women across 15 completed FSM™ surveys since Primerica began polling middle-income households in 2020. Using Dynamic Online Sampling, Change Research polls adults nationwide with incomes between
About Primerica, Inc.
Primerica, Inc., headquartered in
View source version on businesswire.com: https://www.businesswire.com/news/home/20240903079117/en/
Public Relations
Gana Ahn, 678-431-9266
gana.ahn@primerica.com
Investor Relations
Nicole Russell, 470-564-6663
nicole.russell@primerica.com
Source: Primerica, Inc.
FAQ
What percentage of women feel confident in investing in stocks, bonds, or mutual funds according to Primerica's survey?
How much personal wealth are women projected to control by 2030, as mentioned in Primerica's (PRI) report?
What percentage of women prefer human financial advisors over AI-powered robo-advisors, according to Primerica's (PRI) study?
How many women were surveyed in Primerica's (PRI) Financial Security Monitor™ for this report?
