More women are taking control of Their Money

As women’s political, economic and social power grows as well, they’re taking on an increasingly active role in their financial affairs. According to the most recent Ameriprise Financial Women and Financial Powers study that women of all ages participate in financial decision-making in a variety of ways – whether they’re sharing or by themselves within their families Women and Money .

In reality, among Boomer, Gen X and Millennial women who were surveyed, just 4 percent claimed they weren’t involved in financial decisions. A majority (56 percent) are involved in financial decisions along with their spouse or spouse. A further 41 percent of households make up the only financial decision makers within their household.

Of those women who are sole decision makers of their household, 63 percent are separated or not yet married. More than half (42 percent) out of 37 percent married females stated they play the role as the main financial decision-maker since they consider themselves to be the most financially knowledgeable person within their family.

Trends show that more Millennial women make financial decisions

A close look at the data also shows a tendency that younger generations are taking more control over household finances. 38 percent of Millennials as opposed to 23 percent of Generation Xers, and 11 % of boomers claimed to be the main financial decision makers.

With this in mind it’s not a surprise that a lot of Millennial women reported feeling well-informed and knowledgeable about financial matters. A majority (62 percent) reported that either or both parents spent time informing them about financial matters and financial decisions when they were growing up – as opposed to 43 % of baby boomers.

This situation has affected mothers with a child under the age of 34, making them significantly more inclined to impart the basics of money for their own children. A significant portion (85 percent) of Millennial mothers with children above five believe that they’ve done a well in instructing their kids about finances. In fact, 33 % consider themselves to be “excellent” in this regard much more than the other generations examined. This suggests the Millennial women are setting an avenue for coming generation to be more financially aware and confident.

Planning your financial future can make an impact

Another interesting fact the study discovered was that those with written financial plans are the most financially secure and at peace. They also are more likely to feel comfortable with their financial decisions. Furthermore women’s financial involvement and their attitudes improve as they the passage of time. For instance the survey found that 76 percent of women in the boomer generation said they have a plan for their financial future that they are comfortable with, in contrast to less than half (55 percent) from younger females.

This comfort increases also to non-financial aspects their lives. Boomer women are more likely to rank every aspect of life like security in the financial realm, harmony with family members and good health – as more important than younger generations. The women between the ages of 55 and 70 will also be more inclined to say that they are content with the results of the things that matter to them (80 percent versus the 66% who are who are under 55 ).=

As national discussions regarding finances and retirement planning continue, it’s crucial that both genders are aware of how to conserve and effectively manage funds. If you’d like more information the basics of financial planning, or how to create a comprehensive financial plan, you should consult an advisor in the field of finance. A financial advisor can assist you to evaluate your financial situation and goals, then create an action plan to reach your goals.