Women Increasingly Taking Control of Finances
Women continue to handle more and more of households’ financial decisions according to reports. The Sullivan Trust Study examines women as a key market for financial advisors, who often saw women as a niche opportunity, not a significant portion of
the market. Women now comprise nearly 60% of the US workforce and more than half of married women with a business-related degree out-earn their husbands.
More and more, women are becoming the financial head of household according to research. “Women represent a crucial client opportunity, both because of their expanding economic power and their frequent dissatisfaction with the service they currently receive,” said Kim Dellarocca, director at Pershing, “As women’s financial situations have changed, so have their ability to entrust significant assets to investment professionals who are able to serve their needs.” According to the Sullivan Study, women as a whole describe themselves as less satisfied than men with the performance of their investment professionals.Women want equal treatment from their investment professional.
The study also finds that women control about two-thirds of annual spending in the US. That equals $12 trillion. And four out of five women will be solely responsible for household financial decisions at some point throughout their lives. What about in your household– who controls the purse strings?