Key takeaways
Men and women both feel self-confident when they think about financial planning. Younger women in particular are less anxious when thinking about financial planning.
Women are more likely to gain their financial knowledge from conversations with a financial advisor and value an advisor who takes the time to listen to them.
While women earn 84% of what men earn in the U.S.,1 they have more money and power than ever before.
Nearly a third of adults in the U.S. say they are single,2 and an additional number may be in a relationship but controlling their own finances and/or living on their own. Among women with families, the majority play a significant role in family finances. Yet differences remain between men and women when it comes to finances.
The latest Women and Wealth Insights Study from U.S. Bank sought to understand more about this gender gap and the reasons behind it. Along the way, we discovered that Gen Z is leading the charge in decreasing differences seen in the past.
Women are less likely to say they “agree completely” that they’re confident in their ability to manage their finances (55% vs. 60%), yet self-confidence is the top feeling both men and women have when they think about financial planning.
|
Women |
Men |
---|---|---|
1 |
Self-Confidence |
Self-Confidence |
2 |
Pride |
Excitement |
3 |
Excitement |
Happiness |
1
Women
Self-Confidence
Men
Self-Confidence
2
Women
Pride
Men
Excitement
3
Women
Excitement
Men
Happiness
Among women, younger generations are less likely to associate negative emotions with financial planning.
|
Anxiety |
Excitement |
---|---|---|
Gen Z & millennial |
17% |
52% |
Gen X |
25% |
38% |
Boomer |
33% |
22% |
Gen Z & millennial
Anxiety
17%
Excitement
52%
Gen X
Anxiety
25%
Excitement
38%
Boomer
Anxiety
33%
Excitement
22%
While women make up 39% of global employees, they experienced 54% of job losses during the pandemic.3 These job losses were particularly prominent for younger and low-wage workers in industries including retail, education and hospitality.4 The pandemic also disproportionately impacted women of color.5 While some women lost their jobs, many others left the workforce to care for children or elders.
For those people who made it through the pandemic with extra savings, men and women had a different approach to what they did with that savings. Men were 15% more likely than women to invest any pandemic savings. Both men and women surveyed pointed out ways they spent the extra savings, but women were 8% more likely to say they weren’t planning to spend it at all.
Differences exist in how women and men say they’ve built financial knowledge.
|
Women |
Men |
---|---|---|
Own ongoing curiosity and learning |
32% |
36% |
Immediate/extended family |
23% |
15% |
Conversations with a financial advisor |
32% |
31% |
Own ongoing curiosity and learning
Women
32%
Men
36%
Immediate/extended family
Women
23%
Men
15%
Conversations with a financial advisor
Women
32%
Men
31%
When asked which resources they’d use to help someone learn about finances, the majority of men said they’d rely on their own knowledge. Women were less likely to rely on their own knowledge and more likely to use a financial advisor (63% vs. 57%).
How women and men invest and where they get investment tips also varies. Men were more likely to make investments based on something they saw on social media or heard from an online influencer and more likely to invest via a trading app.
When working with a financial advisor, women – primarily older women – place a higher priority on that person taking the time to listen to them than men do.
|
Women |
Men |
---|---|---|
Takes time to listen to me |
79% |
72% |
Financial planning expertise |
76% |
70% |
Understands and respects my priorities |
72% |
65% |
Has industry certifications |
59% |
53% |
Takes time to listen to me
Women
79%
Men
72%
Financial planning expertise
Women
76%
Men
70%
Understands and respects my priorities
Women
72%
Men
65%
Has industry certifications
Women
59%
Men
53%
Women and wealth: A look at generational differences
Our research shows that, when it comes to how women engage with their money, age matters.
A look at women’s evolving relationship with money
Our latest study shows women, particularly younger women, are becoming more confident and finding more enjoyment in managing their finances.