In response to recent studies and data, we have found that women are contributing more and more to their family’s finances, and that the younger generation is increasingly claiming the title of breadwinner, according to a recent study by Wells Fargo.
The study, released in conjunction with International Women’s Day, included 2,195 women. It found that more than half of all partnered women reported greater or equal earnings to their spouse. And nearly one-third of millennial and Gen X women reported being the primary breadwinner, versus the 20% rate reported by baby boomers and traditionalists.
Despite these gains in financial contributions to their households, the study also revealed that many women are intimidated by financial concepts and many did not learn enough about finances in school or growing up. With International Women’s Day just passing and financial literacy month upcoming, we want to use this new data as an opportunity to encourage and motivate women to take control of their finances and better educate themselves to become financially independent.
As a financial advisor who works to empower women to become confident to make their own financial decisions, we have found that many women are often met with anxiety when it comes to having to make financial decisions on their own. For that reason, it is extremely important to start educating yourself about financial concepts from a young age, along with passing that on to the next generation, such as your children or grandchildren. At Sherman Wealth, we strive to educate all of our clients, no matter gender, age, or background, to become financially independent and feel confident to make their own decisions. If you have any questions or would like to talk to us about ways to educate others about financial concepts, please reach out to us at firstname.lastname@example.org or schedule a 30-minute complimentary introductory call here.