Women & Money

For years, I have been intrigued by different statistics about Women & Money.

One of the most shocking statistics I ran across a couple years ago is according to the U.S. Census Bureau the average age of a widow in the United States is 59. Does that seem as young to you as it does to me?

Women are likely to become dual inheritors – meaning that as the Baby Boomers continue to age, women will likely inherit assets from their parents and then potentially their spouses.  According to Boston College’s Center on Wealth and Philanthropy, women will inherit 70% of the $41 trillion dollars in inter generational wealth transfer expected over the next 40 years.

Even more than the statistics above, I found this recent article by CNBC News even more fascinating.  The Millennial generation, while frustrating at times, ultimately will have a direct impact on both Generation X, the Baby Boomers, and the generations to come.

First, as a reminder, let’s define the group – Millennials are those born between 1981 and 1997.  I know what you are thinking – I fall into that category and although I do not always identify with some of the Millennial characteristics or even want to claim to be a part of the generation, I do love the positives from this article and find encouragement in findings!

Here are a few takeaways — if you are interested in reading the entire article click here!

  1. Millennials are overtaking the Baby Boomer population and becoming the greatest generational cohort – There are currently 79.4 million millennials, edging out the 75.5 million Boomers
  2. Millennials are the most educated generation in our history – since 1982, the number of women pursuing a bachelor’s degree or higher has nearly doubled!
  3. Of Millennial households 
    1. Women are now the primary or co-equal earner in 66% 
    2. Financial decision maker in 62% and
    3. Investment decision maker in 55% 
  4. There is a trend toward shifting financials goals – Millennials save 36% more of their annual salaries compared to prior generations
  5. Women on average trade 45% less frequently than men, and thus earned nearly 1% per year in better returns- you go girl!

And for all of us, know that all Women play an important role in our economic system. As it currently stands, women of all generations hold nearly $72 trillion dollars of wealth, account for 85% of all consumer purchases, determine 89% of decisions on bank accounts and own 40% of stocks so keep on rocking women!

Feel free to pass this along to anyone you know who may be interested and I would love to hear your thoughts.

Let’s Talk Soon,

Maleah

 

Sources: CNBC News, U.S. Census Bureau, and Boston College’s Center on Wealth and Philanthropy