Women and Money

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.

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

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Florida

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%)
x

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%)
x

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

x

New 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

x

North 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%)
x

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%)
x

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

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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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