Harriet Davies
Editor - Family Wealth Report
13 July 2012
Daily News Analysis
The majority of women are now primary breadwinners, according to a biennial study from Prudential Financial.
The study covered 1,400 women and found that 53 per cent count themselves as the primary breadwinner.
“While our past research focused on women who are primary or joint financial decision-makers, this new data shows that consistent with demographic trends and reflecting the impact of the financial crisis, the majority of women today are financially responsible for generating their own and their families’ income,” said Susan Blount, senior vice president and general counsel, Prudential Financial.
However, the survey found a disconnect between women’s confidence in the workplace and their confidence in making financial decisions at home. Specifically, while over half of women are the primary breadwinner, only 20 per cent feel well prepared to make financial decisions, compared to 45 per cent of men.
When it comes to women’s living and marital arrangements, around 22 per cent of women who are married or living with their partner say they are the primary breadwinner in the household.
These women are more likely than married or cohabiting women who aren’t the primary breadwinner to say they maintain completely separate financial accounts and investments from their spouse, the survey found.
Around 35 per cent of women in the survey – which the firm says covered all income levels and women from diverse backgrounds – said they work with a financial advisor. Around a third who aren’t currently working with an advisor said they would consider doing so, with younger, higher-income women particularly interested.
“Women under age 35 are more likely to feel as though they are in the driver’s seat when it comes to financial decision-making, and a significant number (42 per cent) recognize that they need to be in charge of their financial goals,” said Prudential Financial.
