Image courtesy of Shutterstock
New national survey from Women & Co. reveals affluent women applying their growing financial knowledge and influence to break down taboo of talking about money and impart financial lessons.
Women in the Workforce
In the wake of the recession, women in the workforce are on the verge of outnumbering men in the workforce for the first time in history, according to the Bureau of Labor Statistics. The second annual survey by Women & Co., a financial community where wisdom, wealth and women meet, backed by Citigroup, uncovers how the economic downturn has impacted what women are thinking, saying, and doing when it comes to money in today’s She-conomy. Results of the latest survey, Women and Affluence 2010: The Era of Financial Responsibility, reveal that women are using their growing financial knowledge and rising influence to foster an open dialogue about money and usher in a new age of financial responsibility.
Women’s rising financial influence is breaking down the long-standing taboo of talking about money. As revealed in 2008, money is the #1 topic between mothers and daughters. This year’s results find that 91% of women are talking about finances with family members. These conversations are now extending outside the family, as well. The majority of women, over two-thirds, believe that in the wake of the economic downturn, talking about money is much more socially acceptable.
“It’s not surprising that women recognize it’s time for a new era of financial responsibility,” says Lisa Caputo, Founder, Chairman and CEO of Citi’s Women & Co. “Because we know from our conversations with women over the last 10 years and from the results of last year’s survey that they are knowledgeable, confident financial decision makers who consider themselves financial role models.”
Let’s look at some of the top findings from Women and Affluence 2010: The Era of Financial Responsibility.
Women and Finance
Women are ushering in a new era of financial responsibility in response to the economic downturn.
- The one word affluent women most closely associate with wealth is security (54%), consistent with women’s views prior to the economic downturn (55% in 2008).
- While over half (53%) of respondents believe the definition of wealth has changed for society overall, only 30% say their own definition has changed.
- However, 7 in 10 women agree that now society believes that saving for the future and for emergencies is important.
- 82% say they are knowledgeable about investing and finances, a significant increase from the 75% who said the same in 2008.
- The majority of women now feel confident that they started saving for retirement at the right time in life. In 2008, less than half felt that way.
Women of Influence
Women’s rising influence is breaking down long-standing taboo of talking about money.
- Today, 66% of women consider themselves the CFOs of their household.
- 73% of full-time working women said they hold this position, compared to 68% in 2008.
- In 2008, money was the #1 topic between mothers and daughters; today, nearly all, 91%, of respondents said they are talking to family members about money.
- In the wake of the recession, two-thirds of women agree that money has become a topic much more open for discussion.
What are your thoughts on these findings? How has the economic meltdown affected your financial outlook?
This is a guest post by Women & Co., a vehicle for insightful women to build their financial knowledge, bolster their confidence, and create financial strategies. Through access to education, resources, and a network of financially minded women, Women & Co. is the place where wisdom, wealth and women meet. To learn more, visit womenandco.com.
Did you enjoy this article? Subscribe to She Takes On The World and never miss a post!