U.S. Bank Survey Reveals: A New Generation of Female Investors is Redefining Wealth and Influence
08 Março 2022 - 10:00AM
Business Wire
Top survey insights:
- Gender gap is shrinking as Generation Z, millennial women in
particular taking a much more active role in their finances
- Despite enormous challenges of pandemic years, overall
financial strength has increased for all generations and
genders
- Gen X women cite biggest worries about retirement
The world has changed dramatically since the pandemic began, and
according to new U.S. Bank research, so has the way women manage
their money.
U.S. Bank first released its Women and Wealth Insights Study in
March 2020, just as the COVID-19 pandemic began, causing lockdowns,
closing schools, and rearranging work/life balance for so many, but
for women in particular.
Results from a new survey – conducted nearly two years later –
show significant differences in areas like financial engagement,
focus on retirement, general financial strength and more among
women and men from different generations and provide reason for
great optimism that a new generation of female investors is
redefining women and wealth.
While the March 2020 study showed that women were less confident
and less engaged with managing money than men, generally started
investing later than men and tended to associate negative emotions
with financial planning, the most recent survey shows that many of
these gaps are shrinking.
For example:
- Women are more positive about managing their finances
now: In 2020, women associated positive words like pride (35%),
excitement (29%) and happiness (28%), and negative words like
anxiety (33%), inadequacy (13%), fear (12%) and dread (9%) with
financial planning. In the new survey, the number of women who
associate positive words with their finances has jumped: pride
(37%), excitement (34%) and happiness (31%), and the number of
women who associate negative words with financial planning has gone
down: anxiety (27%), inadequacy (11%), fear (8%) and dread (8%).
However, men overall are more optimistic when it comes to managing
their finances than women, although both younger women and men are
the most optimistic.
- Women and men are more confident now in their ability to
fund future financial needs: In 2020, 23% of women and 34% of
men felt they were sufficiently financially prepared to cover their
future financial needs; in the new survey, both women and men felt
more confident they would be prepared: 36% of women and 37% of men
said this. Not surprisingly, both Generation Z and millennial women
and men were the most confident of any generation.
- Both women and men are more confident they will be able to
afford retirement: In 2020, 48% of women and 61% of men said
they were confident that they would be able to retire when they are
ready – a gap of 23 points. In 2022, that gap has shrunk to 5
points, with 57% of women now confident about retirement – another
marked jump in positivity during challenging times.
- Women of all ages are more confident in their ability to
manage their finances: In 2020, 56% of women under 35, 50% of
women 35-54 and 41% of women 55+ said they were confident in their
ability to manage their finances. In 2022, those numbers went up
across all generations surveyed, with 71% of Gen Z/millennial
women, 53% of Gen X women and 46% of boomer women saying this.
However, men are more confident overall than women in their ability
to manage their finances.
Most importantly, the new research points to a new generation of
female investors: women who have more money saved than any other
generation of women, are overwhelmingly in charge of many financial
decisions, and associate financial planning with feelings of
confidence, competitiveness and joy.
Generation Z/millennial women and men are more confident in
their ability to manage their finances and in their ability to
retire when they are ready than older generations. They also were
far more likely to invest the money they saved during the pandemic
than other generations.
“The most positive insight from this second Women & Wealth
survey is the progress younger women have made in engaging with and
managing their finances,” said Gunjan Kedia, vice chair of Wealth
Management and Investment Services at U.S. Bank. “However, our
survey also indicates a need for financial advisors to support Gen
X women, who are the most vulnerable generation of women in terms
of financial preparedness. In our first survey, we found that women
weren’t getting the most out of their money or their influence. But
our latest results show that in just two years, more women –
particularly younger women – are taking the reins when it comes to
their money. They are saving and investing more, are making more of
the financial decisions for their families, and associate more
positive emotions with financial planning than ever before.”
The data is from a survey conducted online of 3,024 people –
1,517 women and 1,507 men – with at least $25,000 in investable
assets.*
The survey also found that Gen Z/millennial women and men are
more likely to use online courses, podcasts and social media to
improve their financial literacy. In fact, among this generation,
47% of women and 54% of men have made an investment based on
something they saw on social media, 48% of women and 60% of men
have made an investment based on information from an online
influencer, and 57% of women and 66% of men have invested via a
trading app.
The research also showed that “digitally savvy” men and women
(defined as those who use personal finance and/or trading apps) of
all generations are significantly more confident than non-digitally
savvy investors that they will be able to afford to retire when
they are ready. That’s true for 71% of digitally savvy men and 65%
of digitally savvy women (vs. 55% of non-digital men and 53% of
non-digital women). This group was also very likely to talk about
money with their friends: 77% of digitally engaged men and 71% of
women said they did this – for some a few times a week.
In addition, the majority of Generation Z and millennial women
and men prioritize working with a financial provider who has a
strong workplace equality/diversity rating, supports gender
equality in the workplace, and supports international human rights
– more so than women and men of older generations. And, both boomer
women and men highly value a financial advisor who takes the time
to listen to them: 88% of boomer women said this, as did 81% of
boomer men.
“Our latest survey told us a great deal about what’s important
to each generation when it comes to managing their money,” Kedia
said. “We plan to use these insights to better serve women and men
across generations to help them get the most out of their money and
save for what matters to them most.”
For more information on the results of the 2020 Women and Wealth
Insights Survey, visit the Women, Money & Influence section of
usbank.com.
*Investable Assets – personal financial investments (taxable,
IRAs and Keoghs) including deposits, investments and annuities.
Excludes 401(k), 403(b), profit share, IRA-SEP, stock
purchase/ESOP, money purchase, life insurance or home value.
About U.S. Bank
U.S. Bancorp, with nearly 70,000 employees and $573 billion in
assets as of December 31, 2021, is the parent company of U.S. Bank
National Association. The Minneapolis-based company serves millions
of customers locally, nationally and globally through a diversified
mix of businesses: Consumer and Business Banking; Payment Services;
Corporate & Commercial Banking; and Wealth Management and
Investment Services. The company has been recognized for its
approach to digital innovation, social responsibility, and customer
service, including being named one of the 2021 World’s Most Ethical
Companies and Fortune’s most admired superregional bank. Learn more
at usbank.com/about.
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Kristin Kelly, U.S. Bank Public Affairs & Communications
kristin.kelly@usbank.com | 303.585.4129
US Bancorp (NYSE:USB)
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