How are women with wealth feeling about money? Do men and women engage differently with their finances, and if so, why? And what role does generation play?
U.S. Bank recently conducted an online survey to better understand women’s (and men’s) relationship with money. The survey asked 1,514 women and 1,486 men of all ages key questions about:
- Their hopes and fears around money
- How they manage their money
- Who they go to for financial advice
- How they engage with money (including digitally)
- How confident they are about managing their personal finances
“We have heard anecdotes from women across the country about their relationship with money,” says Gunjan Kedia, vice chair of Wealth Management and Investment Services at U.S. Bank. “With this survey, we sought to understand more about how they think about their finances. While we know that women have more money and power than ever before, the survey results tell us they aren’t getting the most out of it.”
Here are just a few of our findings:
- Women of all ages value financial security and well-being more than men, and that belief increases as women get older.
- Women engage with a financial professional less than men, although those who work with one had saved more money than those who do not.
- Respondents who said they were confident in their ability to manage their finances were more likely to use a personal finance or budgeting app.
“Our survey data shows what we have believed all along: both women and men who engage early with their finances – whether it’s with a financial [professional], using a digital app, or just watching shows and listening to podcasts about money – will be more confident about their finances,” Kedia says.