These Days, Women Are Bringing Home All The Money
The recession may have hit women harder than men, but that didn’t stop them from succeeding to turn traditional roles and become the breadwinner. New research shows that overall, women are the primary breadwinners, as they take over for partners who have lost jobs, face divorces or decide to marry later.
Although women are the primary breadwinners overall, 22 percent of women who are married or living with a partner report are the higher earners. Broken down by race, 31 percent of married African American married women are the breadwinners. When women are the breadwinners, they are more likely to keep a separate financial account and investments. Although they maintain their own financial portfolio, only 20 percent of these women say they believe they are equipped to make good financial decisions, compared to 45 percent of men. In fact, women that are earning $50,000 or more are uncertain about their ability to maintain their lifestyle.
“The study shows that with women in more control than ever of their finances, they face significant challenges when it comes to financial decision making, and admit to a lack of knowledge about financial solutions that can help them,” Susan Blount, the senior vice president and general counsel of Prudential Financial said in a press release. Prudential Financial released the report.
One of the keys to improving women’s financial confidence is utilizing a financial advisor. Women that use a financial advisor are more likely to be on track financial and in line with making retirement goals. Although only 35 percent currently use an advisor, over a third of those who don’t were willing to consider it, with cost a main factor in deterring women from hiring one.
“It is concerning that so many women do not feel they have the information they need to make the necessary decisions to help secure their financial futures,” Christine Marcks, president of Prudential Retirement. “Whether the financial services industry or advisors like it or not, given women’s key role as primary breadwinners and financial decision makers, there needs to be greater emphasis on supporting women’s financial needs and helping them plan for a secure retirement.”
More on Madame Noire Business!
- Behind The Click: Tara Roberts, Co-Founder of GirlTank
- Entrepreneur Spotlight: Wedding Photographer Amber Knowles on Building Her Studio
- How CARA B Naturally’s Founders Launched A Natural Skin & Hair Care Company For Ethnic Children
- Entrepreneur Spotlight: Meet The Women Behind The Groupon of Black Hair, The Fly Cut
- Do Black Designers Skip Over Black Models to Gain White Customers?
- How She Made It: Alia Jones-Harvey, Producer of A Streetcar Named Desire