Women Are Taking on Greater Financial Challenges
Prudential's 2012-2013 Research Study, "Financial Experience & Behaviors Among Women," reveals that while women are more in control of their finances than ever, they are facing significant challenges with financial decision making.
For the first time, the study gauges not only women's financial attitudes but men's as well, seeking to identify key ways in which men and women differ in their financial perceptions, approaches, goals, and confidence.
The study also focuses on the experiences of Asian American, African American, and Hispanic women, and provides a regional snapshot that highlights key financial differences among women by their geographic location (see map below).
Read Prudential business leaders' thoughts on the study results
Watch video of Prudential leader and financial experts discussing study findings
Key findings:
- 53% of the more than 1,400 women surveyed were primary earners, as a result of partners losing jobs during the financial crisis, divorce, and deciding to marry later.
- Only 23% of women feel “well prepared” to make financial decisions compared with 45% of men. See the differences in financial attitudes, perceptions, goals, and confidence between women and men
- Only 10% of female breadwinners feel very knowledgeable about financial products and services, and are only half as likely to feel well prepared to make wise financial decisions than men.
- 33% of Asian American and 31 percent of African American married women are the higher-income earners, compared with 19 percent of white women. See the differences in the financial experiences and behaviors among women of different ethnic groups
- Baby Boomer and younger women are “not prepared” for retirement, but women under 35 show more interest in both financial empowerment and the value of financial advice.
Explore Key Differences in Women’s Financial Experiences and Behaviors by Geography
California
California
(State vs. National averages)
- Higher % of female breadwinners (28% vs. 22%)
- Higher % ahead of schedule for retirement planning (8% vs. 3%)
- Relatively higher ownership of IRAs, stocks and mutual funds (39% vs. 32%, 28% vs. 21%, 30% vs. 21% respectively)
Californians exhibit higher ownership of IRAs, stocks and mutual funds
xFlorida
Florida
(State vs. National averages)
- Lower % of female breadwinners (11% vs. 22%)
- Higher % haven't started retirement planning (30% vs. 16%)
- Lower IRA ownership (17% vs. 32%)
Illinois
Illinois
(State vs. National averages)
- Higher % of household do-it-yourselfers (28% vs. 19%)
- Lower % share household financial planning equally (22% vs. 35%)
- Higher ownership of individual stocks (28% vs. 21%)
Michigan
Michigan
(State vs. National averages)
- Higher % work with a financial professional (54% vs. 35%)
- Higher % delegate planning to their spouse (23% vs. 8%)
- Relatively higher ownership of IRAs and mutual funds (52% vs. 32% and 40% vs. 21% respectively)
In Michigan, nearly three times as many women delegate planning to their spouses
xNew York
New York
(State vs. National averages)
- Higher % of female breadwinners (28% vs. 22%)
- Higher % of household do-it-yourselfers (32% vs. 19%)
- Higher ownership of disability insurance (18% vs. 6%) and annuities (15% vs. 10%)
New York has a higher proportion of financial do-it-yourselfers
xNorth Carolina
North Carolina
(State vs. National averages)
- Lower % "right on track" (6% vs. 21%)
- Higher % feel they are "very well prepared to make wise decisions" (35% vs. 22%)
- Higher % own IRAs (37% vs. 32%)
Pennsylvania
Pennsylvania
(State vs. National averages)
- Lower % work with a financial professional (26% vs. 35%)
- Higher % feel they need to catch up their financial planning in many areas (41% vs. 25%)
- Higher % own life insurance (56% vs. 39%)
Texas
Texas
(State vs. National averages)
- Lower advisor usage (25% vs. 35%)
- Higher % of female breadwinners (30% vs. 22%)
- Lower stock ownership (13% vs. 21%)
Texas has the highest % of married female breadwinners
x
Begun in 2000 and updated every two years, Prudential's 2012-2013 study on The Financial Experience & Behaviors Among Women is based on a poll of 1,410 American women and 604 American men between the ages of 25 and 68. The results reflect the makeup of the entire female population, including diverse ethnic segments, with a margin of error of ±2.18%. Respondents are panelists in the Harris Interactive Poll Online. No income or financial decision-making qualifications were required to participate in the study.
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