For decades, wealth management has been a male-dominated endeavor. But there’s a shift in the air. Compared to a few years ago, 30 percent more married women are making financial and investment decisions, according to recent McKinsey research on affluent consumers. Younger generations of women are getting more involved with their financial decisions. 

Let’s take a look at why women should be taking an active role in their wealth management.

Women live longer than men

There is a five-year difference between the average life expectancy of men and women in the U.S. For men, the average life expectancy is 76.1 years. For women, it’s 81.1 years. Additionally, in almost every country in the world, women outlive men. What this means is that women should be saving more for their retirement than men. Whether a woman is married or not, it’s critical for her to have ample retirement savings.

Women control more than half of the U.S. wealth

According to research by New York Life Investment Management, women control 51% of the personal wealth in the U.S. — an estimated $22 trillion. Additionally, that number is expected to jump to 30% over the next 40 years as intergenerational wealth is passed along. This leaves a lot of opportunities for investment. Despite this, Fidelity reports that as of 2021, only 33% of women actually see themselves as investors. And only 42% feel confident in their ability to save for future milestones like retirement.

Women account for more than half of the workforce

At the end of 2021, women represented 54.3% of the U.S. workforce. With so many women earning income, it’s crucial for them to be well-educated about their financial options, including investing. Whether a woman is the top income earner in their household or not, women should understand the benefits of investing and building their own wealth. 

The takeaway is that women aren’t taking a backseat to their financial futures. They’re building careers, moving into leadership roles, and driving the U.S. economy. It’s time for the financial industry to focus on women and their unique goals.

Hiley Hunt Wealth Management is committed to guiding women on the major financial decisions in their lives. We enjoy partnering with women on their unique financial journeys. We want to help you evaluate your financial plan so you can make the most of the investments that are most important to you and your future. To set up an introductory meeting, contact us today.