• WomELLE
  • Contact Us
  • Writers
  • Write For Us
  • Submit Article
No Result
View All Result

No products in the cart.

  • Login
WomLEAD Magazine
Podcast
SUBSCRIBE
  • Home
  • Magazine
  • Business
  • HER Story
  • Founders & CEOs
  • Leadership
  • Mentoring
  • Women
  • Wellness
  • Home
  • Magazine
  • Business
  • HER Story
  • Founders & CEOs
  • Leadership
  • Mentoring
  • Women
  • Wellness
No Result
View All Result
WomLEAD Magazine
No Result
View All Result
Home Women Today
More Women Are Controlling Their Finances in 2022

More Women Are Controlling Their Finances in 2022

The Editorial Team by The Editorial Team
June 27, 2022
in Women Today
Reading Time: 3 mins read

A global pandemic and the social problems it brought to light have prompted more women to take the reins of family finances, with the goal of creating positive change and helping specific causes they care about. Many expressed their desire to live a more intentional life, using their time, money, and their expertise to achieve a greater sense of purpose. Having said that, true financial freedom requires both short-term and long-term planning, and the confidence to take action. Financial literacy among women is still very low in comparison to men. Women don’t talk about money with each other or with their partners, and that acts as a deterrent to their goals of financial independence.  

According to a report which surveyed 1,400 high-net-worth women, the trends seem to be shifting in a more positive direction. The percentage of women who say they take the lead on financial decisions has climbed to 26%, up from 21% in 2018. Around 51% of women still defer to their spouse on financial decisions, but that’s down from 56% four years ago. Women are confident managing everyday financial tasks such as paying bills (92%) and managing a budget (87%), yet only half are confident managing investments (53%) and creating a diversified portfolio (44%). Almost all women who reported being with a partner play a role in managing not only their household finances (94%), but also managing investments (94%), and, contrary to popular belief, retirement planning (94%).  

Bank of America has announced findings from a new body of research on women and financial wellness, which finds that 94% of women believe they will be personally responsible for their finances at some point in their adult life. Despite this, about half of women (48%) feel confident about their finances, and only 28% feel empowered to take action. The top obstacles women say are holding them back from investing include not having savings to invest (38%), lack of knowledge (32%), and believing investing is too risky (22%). Moreover, women face unique financial planning challenges with longer life expectancy, social inequalities, and responsibilities that are reserved for them. With the gender pay gap in place, they earn less than men and, more often than not, put their careers in the backseat to take care of children or aging parents. The income-earning pattern, investment style, and financial goals of women differ from their male family members, which largely affects their investment attitude. 

When asked about their financial regrets, nearly half of women (44%) pointed to not saving and investing sooner. Women also say they would have invested more of their money (26%), educated themselves more around money (23%), not taken on as much credit card debt (21%), choosing a career with higher pay (19%), lived within their means (18%) and taken better care of their health (14%).  

Times are changing, and one in five women now acknowledge that it is time to make a change to their finances. They are at a pivotal moment in terms of financial freedom, with an opportunity to close the gap between confidence, empowerment, and action. Modern-day women are dealing with life events involving financial hardships that revolve around losing a job, taking care of aging parents, or growing children returning to the household. In the changing social system, women are single by choice, not tolerating unhappy marriages anymore, or are single parents by choice. This is compelling them to make financial decisions on their own. To summarize, women are in a better position to take charge of managing finances as they have a more focused and practical approach as compared to men.

ADVERTISEMENT
Tags: Are women more likely to manage bills?Bank of AmericaHow do women manage finances?How many women manage their own finances?How to be financially independentIs finance a female dominated field?More Women Are Controlling Their Finances in 2022Take Control of Your FinancesWhat percentage of money is controlled by women?Why is financial management important for women?
Share36Tweet23Share6
The Editorial Team

The Editorial Team

Hi there, we are the editorial team for WomELLE to help you succeed in business. WomELLE is a community working to support women by helping them achieve their business goals through specialty services, leadership, mentoring, and networking. The magazine "WomLEAD" is to help you succeed as an entrepreneur, business owner and leader.

Related Posts

Importance of Coaching and Mentoring for Women Entrepreneurs
Women Today

Importance of Coaching and Mentoring for Women Entrepreneurs

April 5, 2023
Women in Art: A Passionate Fight!
Women Today

Women in Art: A Passionate Fight!

March 27, 2023
Unconventional Professions for Women in 2023
Women Today

Unconventional Professions for Women in 2023

March 23, 2023
Next Post
How to Make the Most of a Conversation with a Business Mentor

How to Make the Most of a Conversation with a Business Mentor

Gender Divide: Why Are Teachers In US Mostly Female?

Gender Divide: Why Are Teachers In US Mostly Female?

How to Reach Out to Women Entrepreneurs?

How to Reach Out to Women Entrepreneurs?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

WomLEAD Magazine

A print and digital magazine for businesswomen focusing on leadership, business, and entrepreneurship that made its debut in 2017 has WomELLE Magazine.

Follow us on social media:

Recent News

  • Suzi Hixon: Redefining Success in the Legal World through Innovation and Self-Advocacy
  • Suzi Hixon: Redefining the Legal Landscape with AI-Driven Legal Tech and Self-Advocacy
  • Laurie Parfitt’s Transformative Impact on the Ever-Evolving Cannabis Industry

Category

  • Business
  • Female Founders
  • Founders & CEOs
  • HER Story
  • Leadership
  • Mentoring For Women
  • Wellness
  • Women Today

Recent News

Suzi Hixon: Redefining Success in the Legal World through Innovation and Self-Advocacy

Suzi Hixon: Redefining Success in the Legal World through Innovation and Self-Advocacy

May 26, 2023
Suzi Hixon: Redefining the Legal Landscape with AI-Driven Legal Tech and Self-Advocacy

Suzi Hixon: Redefining the Legal Landscape with AI-Driven Legal Tech and Self-Advocacy

May 26, 2023
  • About
  • Contact
  • Privacy Policy
  • Terms & Conditions

© 2023 WomLEAD Magazine from WomELLE, Corp.

No Result
View All Result
  • Home
  • Magazine
  • Podcast
  • Business
  • Founders & CEOs
  • HER Story
  • Leadership
  • Mentoring
  • Wellness
  • Women Today

© 2023 WomLEAD Magazine from WomELLE, Corp.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?