New Allianz Life Study Finds Majority of Women Now Responsible for Household Finances

Guía de Regalos

Yet confidence and financial savvy at home doesn’t translate to
more ‘leaning in’ at work

Key Findings Snapshot:


  • 51% of women report they are CFO of the household
  • 37% are primary breadwinners of the family, up from 2013 study
  • 53% have responsibility in managing household’s long-term saving
    and investments
  • 50% report they have more earning power than ever, down from 2013
    study
  • 44% report they have ‘leaned in’ at work and asked for
    raise/promotion

MINNEAPOLIS–(BUSINESS WIRE)–Women are taking the reins of their household finances but many are
still hesitant to do so when managing their career, according to the
newly updated Allianz Women, Money, and Power® Study* from Allianz Life
Insurance Company of North America (Allianz
Life
®). The majority of women in the study (51%) claim they are the
chief financial officer (CFO) of the household, and more married women
(37%) report being the primary breadwinner of the family (compared to
31% in the 2013 study). Additionally, 53% of women report they either
have a “great deal of responsibility” or they “do it all” when managing
the household’s long-term savings and investments.

Despite having such a large impact on household finances, the number of
women who say they “have more earning power than they’ve ever had” has
decreased to 50% (compared to 57% in 2013). Factoring into this
perceived decline in earning power, less than half (44%) claim they have
‘leaned in’ at work by asking for a raise or promotion they thought they
deserved.

“Women are taking a larger role in managing household finances and are
gaining more responsibility for the financial success of their family,”
said Allianz Life Vice President of Consumer Insights Katie Libbe. “The
savviness that women exhibit with their household finances can translate
to being more assertive and having confidence to take risks in their
careers.”

Financially Stable but Lacking Certainty

Women, Money, and Power also found the majority (58%) of women feel they
are more financially savvy than their spouse or partner, and nearly
seven out of 10 respondents (67%) report that becoming more
knowledgeable and involved in managing finances made a difference in
their quality of life. However, while 68% say they feel financially
secure, many women still report uncertainty about their financial
decisions. Sixty-one percent of women wish they had more confidence in
their financial decision-making and 63% wish they knew more about
financial planning and investing.

“While women may be satisfied with their current financial situation,
having more financial knowledge can help build a better future and
instill confidence,” added Libbe. “By utilizing available resources or
working with a financial professional, women can gain the insight they
need to achieve financial security.”

Having the Right Support

Even though most women claim they are financially savvy, nearly
two-thirds report financial information and the various investment
options available to them can be overwhelming. Additionally, running out
of money in retirement and managing the rising costs of health insurance
remain the top worries that keep women up at night.

Having the right support can make a major difference. Thirty percent of
women report using a financial professional for guidance, and 75% of
those wish they had done it sooner. Still, many women feel left out of
the financial planning conversation. More than half (51%) claim the
professional treats their spouse/partner as the decision-maker, and this
happens regardless of whether the financial professional is male or
female. Choosing a financial professional who understands the needs of
the modern family and can help sift through investment choices is a key
factor for women.

Advice for Future Generations Mirrors Financial Behavior

Looking ahead, when asked, “What advice should women pass on to their
daughters or granddaughters about money?” women thought future
generations should focus on having financial independence and creating a
good financial plan. The vast majority of respondents advise to: start
planning early (81%), not depend on others for financial security (72%),
create a good financial plan (72%) and learn how to invest money (65%).

In comparison, a smaller number of women (56%) advise their daughters or
granddaughters to advocate for themselves (or ‘lean in’) at work to get
the salary they deserve.

“It is increasingly important to establish a solid financial foundation
that can keep up with increased costs of living, and this all starts
with earned income,” added Libbe. “As more financial responsibility
lands on women’s shoulders, working women need to advocate for
themselves to gain the equal earning power they deserve. Future
generations of women who see this behavior will then be more confident
to do the same, lessening the income disparity we see today.”

About Allianz Life Insurance Company of North
America

Allianz
Life Insurance Company of North America
, one of FORTUNE’s 100 Best
Companies to Work For in 2016, has been keeping its promises since 1896.
Today, it carries on that tradition, helping Americans achieve their
retirement income and protection goals with a variety of annuities and
life insurance products. In 2015, Allianz Life provided a total of $2.4
billion in benefit payments that supported policyholders’ financial
objectives. As a leading provider of fixed index annuities, Allianz Life
is part of Allianz SE, a global leader in the financial services
industry with 142,000 employees in more than 70 countries worldwide.
More than 85 million private and corporate customers rely on Allianz
knowledge, global reach, and capital strength to help them make the most
of financial opportunities.

*The Allianz Life Women, Money, and Power Study was commissioned by
Allianz Life Insurance Company of North America in October 2016 with
some questions resurveyed from the 2013 Allianz Women, Money, and Power
Study. 1,416 women, ages 25-75 with household income of $30,000/year or
higher, completed the online survey.

Contacts

Allianz Life Insurance Company of North America
Tessa
Dahlstrom, 763-765-7763
tessa.dahlstrom@allianzlife.com
Twitter:
@AllianzLifeNews