Flipping the script
Women in the US are taking charge of their financial future
Gender inequality continues to persist in the US labor market, with men still outpacing women in terms of both outcomes and pay. But our brand-new survey of 1,000 women in the US has found that women are taking the lead when it comes to financial management, and showing increased confidence around investing. Let’s delve into the results for a deeper understanding.
Women are taking the lead when it comes to financial management
Strong financial management
50%
said they have a checking account, credit and debit card, medical insurance, savings account, mortgage, and 401k
Growing in confidence
69%
said they would rate their current financial knowledge as either average or good
Taking charge with investing
73%
of women say they invest their own money and believe they have more investing knowledge than their peers
Younger generations are leading the way
When filtering responses by age, we found a clear shift in confidence in how younger women approach their finances:
of 25- to 34-year-olds would describe their knowledge as "excellent"
of 25- to 34-year-olds say they know a lot more than peers about investing
of 25- to 34-year-olds say they feel very comfortable asking for help
of 55- to 65-year-olds would describe their knowledge as "excellent"
of 55- to 65-year-olds say they know a lot more than peers about investing
of 55- to 65-year-olds say they feel very comfortable asking for help
Women in the younger generation overall have greater education, and the delay in the age of first marriages means women are building their lives independently for longer. This leads to greater knowledge and confidence when it comes to their personal financial matters.
Tracy Bell, Director of Equity Investment Strategies at First Horizon Advisors, Inc.
Women understand their financial strengths
Our survey found women have a clear understanding of their financial strengths and characteristics, citing the top five strengths as:
44%
Avoiding late payments
43%
Keeping track of finances
42%
Paying bills ahead of time
41%
The ability to think long-term
40%
The ability to create budgets
Women know where they need to improve when it comes to financial knowledge
When asked "in which areas would you like to improve," women responded:
50% how to save money
45% investing
42% their children’s future
47% retirement planning
45% budgeting
33% investing in cryptocurrency
About the First Horizon survey
Our survey looked at financial management and confidence among women in the US. The total sample size was 1,000 and focused on women in the Southeast region of the United States.
Respondents were aged between 25 and 65.
Respondents earned at least $75k per year.
First Horizon Bank. Member FDIC.
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First Horizon Advisors is the trade name for wealth management products and services provided by First Horizon Bank and its affiliates. Trust services and financial planning provided by First Horizon Bank. Investment management services, investments, and annuities available through First Horizon Advisors, Inc., member FINRA, SIPC, and a subsidiary of First Horizon Bank. Arkansas License #416584. Insurance products available through First Horizon insurance services, Inc. (”FHIS”), a subsidiary of First Horizon Bank. Arkansas License #100102095. First Horizon Advisors, Inc., FHIS, and their agents may transact insurance business or offer annuities only in states where they are licensed or where they are exempted or excluded from state insurance licensing requirements. First Horizon Advisors does not offer tax or legal advice. You should consult your personal tax and/or legal advisor concerning your individual situation.
