It seems women rule the roost when it comes to financial decisions in the home. This fact goes against conventional thinking since men are still widely considered to be the traditional “heads of the household.” And maybe that is exactly the point; that there are fewer and fewer “traditional” households in America, with women making up at least 50% of the U-S workforce.
The flexing of women’s financial power is getting the attention of economic experts who are keeping a close eye on this trend. The statistics came into clear focus this past year in a study conducted by life insurance and asset management powerhouse Prudential Financial titled “Financial Experience & Behaviors Among Women.” The survey polled 1,250 American women on their financial knowledge and confidence in attaining their financial goals. Participants were a national sample of sole and joint heads of households between the ages of 25 and 68, with a minimum income of $50,000.
Results concluded that 95% of women are either making or influencing the big financial decisions in their households. It also revealed a more confident female force of decision-makers.
The weaknesses came in their overall understanding of sophisticated financial products. 86% of women polled said they do not know how to choose those products. At least half admit they need to learn more about retirement and insurance products so that they can be do a better job of understanding how to generate income in their retirement years.
The best news is that we women are taking charge and asking the important questions and acquiring knowledge in order to control our own destiny and that of our family. If the brutal economic recession that took hold of our country more than 3 years ago is any indication, it is more important than ever for mothers, wives, and sisters to be better prepared for an uncertain financial future.
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