Women of all ages are now more confident in their ability to manage their finances than they were prior to the pandemic, according to new research.
US Bank released its first Women and Wealth Insights Study in March 2020, which revealed that 56% of women under 35, 50% of women aged 35 to 54, and 41% of women 55 and above said they were confident in their ability to manage their finances.
The results from the same survey conducted nearly two years later indicates millennial women in particular are taking a more active role in their finances, with those numbers going up across all generations surveyed in 2022.
The latest findings reveal 71% of Gen Z and millennial women, 53% of Gen X women and 46% of Boomer women say they are confident about managing their finances.
Overall, men are more confident than women in their ability to manage their finances, US Bank said.
The latest study also showed that both men and women in 2022 are more confident about funding their future financial needs than they were pre-pandemic.
In 2020, 23% of women and 34% of men felt they were “sufficiently financially prepared” to cover their future financial needs, rising to 36% of women and 37% of men in the most recent study.
Of all the generations surveyed by US Bank, both Generation Z and millennial women and men were the most confident.
Gunjan Kedia, vice chair of wealth management and investment services at US Bank, said the progress younger women have made in engaging with and managing their finances is the “most positive insight” from the latest study.
Kedia added: “In our first survey, we found that women weren’t getting the most out of their money or their influence.
“But our latest results show that in just two years, more women – particularly younger women – are taking the reins when it comes to their money.”
This month, CPA Canada unveiled a financial literacy webinar series aimed at women of all ages. The six-part series will cover investing, retirement and estate planning, planning for parental leave, and preparing finances for separation or divorce.
Last year, the United Nations reported that women have as much access to financial services as men in just 60% of the countries assessed, and to land ownership in just 42% of the countries assessed.