Women ’ s wealth is on the rise , and our industry has the great opportunity to help champion their financial futures .

INCE THE 1960S , THE U . S . HAS SEEN A STEADY INCREASE IN FEmale breadwinners and breadwinning mothers , who are flipping the script on traditional gender , marital and family norms . Women are the sole or primary breadwinner in 16 % of marriages today , versus 5 % in 1972 , and in nearly a third of marriages both spouses earn the same amount of income , according to a 2023 Pew Research Center report .

The growing economic contributions of women are an established fact . Given the anticipated shift of as much as $ 30 trillion in assets into the hands of women over the next three to five years and the fact that younger women are increasing their financial savvy , we are bound to see a shift among the traditional “ key ” financial decision makers ( currently , two-thirds are men ).

This transformation creates tremendous opportunity for advisors to help grow female earnings through investments , and it should encourage financial planning practices to tailor approaches to serve financially empowered women .

What ’ s Different About Planning For Women

As women live longer and serve as primary caregivers , their lives present distinct planning challenges . They are more educated than ever , making up a majority of the college-educated labor force . And as they pursue advanced education , they often delay life events such as getting married and having children , adding complexity to their financial decisions . For example , if a woman defers childbearing into her 30s or later , she may face the challenge of paying for her children ’ s college tuition at a time in her life when planners recommend maximizing retirement savings .

Women are the sole or primary breadwinner in 16 % of marriages today , versus 5 % in 1972 , according to a 2023 Pew Research Center report .

While retirement planning is important for everyone , women on average live six years longer than men , making them more likely to be widowed and financially self-reliant in their later years . Further , women are more likely to encounter breaks in their careers for caregiving , which may reduce their lifetime earnings .

According to UBS ’ s “ Own Your Worth ” report , although women are earning more and living longer , they are often less engaged in making both shortand long-term financial decisions . One reason for this may be a lack of time . Women breadwinners are still taking on many of their households ’ responsibilities . Women spend about two hours more per week on caregiving than their husbands and two and a half hours more on housework , experiencing significantly less leisure time , according to the Pew Research Center . This lack of time to dedicate to their finances may mean they defer financial decisions or give up a say in those decisions that affect them .

As a result , proper planning for women is critically important to ensure their continued on page 58

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