More than half of women have control over household finances, investments and retirement planning

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Women are taking the wheel of their financial lives like never before. We look at how women assert their control, what it means, and how to do more.

New research on women’s financial independence released today by HerMoney and the Alliance for Lifetime Income reveals that women are breaking stereotypes and taking control of their finances, careers and futures.

Almost all women who said they were in a relationship play a role not only in managing their household finances (94%), but also in managing investments (94%) and, contrary to popular belief, in planning retirement (94%).

Women are proud of the financial decisions they’ve made, according to the first chapter of the State of Women in 2022 study. their finances (68%), pay off their debts (56%), buy a house (53%) and be able to talk openly about money (53%).

Mrs. Financially Independent is here to stay

However, when it comes to love and money, most women prefer to keep the two separate. Among women in a relationship, only a third (33%) have completely merged their finances with their partner. This trend appears to be persistent. Of currently single women, only 2% (2%!) say they would merge all their money with a spouse or partner in the future.

Clearly, women have earned the title of “Ms. Independent,” as even those in a relationship bear more financial responsibilities than their partners. More than half have primary responsibility for household finances (59%) and investments (51%), while nearly half (48%) manage retirement planning for themselves and their partner.

On average, women who share financial management tasks with their partner bear more than half the responsibility for household finances (55% of work), investments (54%) and retirement planning (55% ).

How do they make it work? By dividing household labor more evenly. While some women in a relationship report taking charge of household chores (28%), a majority share or delegate responsibility for household chores (66% and 6%, respectively) and housekeeping (16% lead, 47% share and 37% delegate).

“It’s inspiring to see these women take the initiative not only to manage their household finances, but also to invest for the future and plan for retirement,” says Jean Statler, CEO of Alliance for Lifetime Income. . “This research clearly dispels an old belief that women are the financial managers of the household, but are somehow absent when it comes to investing and planning for retirement. Women have more to lose because they are more likely to live longer, that they are traditionally paid less than their male counterparts and therefore need to increase their retirement income more, which amplifies the risk and possibility of running out of money. whether our incomes last 20, 30 or more years in retirement requires complex planning, so I say to all my friends, “it’s time to take matters into your own hands and find a financial professional who looks out for your interests” I will add that those financial advisors who ignore women do so at their peril.

Women now focus on advancement at work

Despite taking the reins of their financial independence, only 60% of women surveyed believe their workplace is making progress in the way it supports women, and the pay gap is a major issue for many – a third (34%) know or suspect men at their companies earn more for the same jobs. Among women who feel they are not well paid, one in six (17%) suspect they are underpaid because of their gender.

Almost two-thirds (63%) of women who work for others do not feel well paid and, notably, about two in five (39%) who are dissatisfied with their pay are considering seeking employment elsewhere. More than half (54%) of working people have not received a raise above the cost of living in the past two years.

“Women have really taken on a financial leadership role at home. What this new research shows is that we’re starting to apply the same money initiative to work,” says Jean Chatzky, CEO of HerMoney and a researcher at the Alliance for Lifetime Income. “It’s really hard to separate your family life and your professional life at the end of the day, so expect to see women continuing on a path that brings them together. One way that could emerge this year: 100% of employers should making progress in supporting women – and those who don’t face the very real scenario that women will be looking for new employers who are.”

It’s always good to ask for help

Working with a trusted finance professional is essential to crafting a successful financial plan that meets both short-term and long-term goals. Several of the free online tools from HerMoney and the Alliance can also help women take charge of managing their personal finances, including:

  1. MoneyType™ Personality Assessment
  2. HerMoney Podcasts
  3. Women’s Financial Wellness Checklist
  4. RISE Score®
  5. Financial Planning Personality Quiz
  6. Find a finance professional

The State of Women 2022 is based on an online survey conducted in March 2022 of over 1,000 female members of the HerMoney community. They are between 18 and 75 years old, most have a college education and work full time. Two-thirds are married or in a couple.


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