New study: Majority of women now CFO of their households

Last month was Women’s History Month, a month that celebrates women’s economic, political, and cultural achievements while also marking a call to action for gender equality. While it’s important to recognize the strides women have achieved on so many fronts, it’s equally important to remember that significant disparities remain.

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For instance, globally, fewer than one in four cabinet ministers is a woman, according to the United Nations, Women in Politics 2025 report. And when it comes to corporate senior leadership, they made up only 29% of C-suite roles in 2025, a figure unchanged from 2024, according to McKinsey’s Women in the Workplace 2025 report.

And when it comes to the gender pay gap, figures continue to be astonishing:  women earn a whopping “20% less than men for work of equal value,” and “they perform 2.5 times more unpaid care work than men,” according to Fair Play Talks.

In addition, the female-to-male earnings ratio for full-time workers in 2024 fell to 80.9% from 82.7% in 2023, according to theCensus Bureau. And this is “the second consecutive annual decrease in the female-to-male earnings ratio.”

Against this backdrop, a newWomen Money Power Study from the Allianz Center for the Future of Retirement found that while more than half of women now say they are the CFO of their household, fewer women feel confident about their current retirement financial plans.

Heidi Vanderkloot, head of FMO distribution at Allianz Life Insurance Company of North America, said that this year, for the first time, more than half say they’re the primary financial decision-maker.

“That’s a big milestone. But at the same time, fewer women feel financially secure or confident about their retirement plans – and that’s concerning,” she said.

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53% are the CFO of their household

Allianz noted that the figure is up from 41% in 2021 and 49% in 2023, a marked improvement in the financial role of women in their families.

Bobbi Rebell, CFP, consumer finance expert at CardRates.com, said the findings are consistent with what we have been seeing for years, as women increasingly take on the role of the financial decision-maker in their homes.

She added, however, that the unexpected cost many women may not have fully realized is that being in charge of finances can be really stressful.

“There are many things the household CFO can control, but it can be a rude awakening also to realize that so many things, including inflation and job security, can be out of their control, and yet they still have to make the numbers work,” Rebell said.

In fact, the Allianz survey found that despite the rise in financial responsibility, only 63% of women say they feel secure financially – down from 72% in 2021 and 64% in 2023.

As Rebell noted, in many ways, being the family CFO is an extension of other caregiving responsibilities that women take on. For that reason, women who are in charge of the family finances most likely feel a strong sense of responsibility toward the family’s financial wellness, she said,

“That can create an especially heavy emotional burden, especially with all the economic uncertainty that is out of their control. They want their family to know they are taken care of, just like they take care of other aspects of family life,” Rebell added.

“There are many things the household CFO can control, but it can be a rude awakening also to realize that so many things, including inflation and job security, can be out of their control, and yet they still have to make the numbers work.”

And that’s not just about managing a budget and getting the numbers right; it is also about making big decisions that will have a major impact on the family’s financial future and well-being.

“The uncertainty and responsibility can weigh very heavily on them. It can also feel isolating because many women may feel they are doing the job but don’t have the team (the family) behind them,” Rebell said.

Declining confidence extends to long-term financial goals, such as retirement

Fewer women say they feel confident about their current retirement financial plans, with only 46% sharing this sentiment, according to Allianz. The survey also found that 52% say they have felt more stressed in general over the last two years, and “many women are losing sleep with financial worries keeping them up at night.”

Top concerns include inflation, which impedes financial goals (36%), rising health insurance costs (35%), andrunning out of money in retirement (35%), the survey found.

Allianz’s Vanderkloot said that those factors may be outside of your control, but that doesn’t mean you are powerless.

“This is where professional guidance becomes especially valuable.  With the help of a financial professional, you can build a long-term financial strategy that helps protect your purchasing power over time,” she said.

While the economic factors are out of your control, what can women do to alleviate stress both financially and emotionally?

Creating a specific and realistic plan

According to Rebell, this is “the best way to alleviate financial anxiety.”

“It doesn’t have to be perfect. In fact, if it is too optimistic and doesn’t have any room for error, it may create more anxiety. Understand and accept that there will be many things that are out of their control,” she said.

Instead of focusing on factors such as market volatility and inflation, she suggests women focus on things they can control, like having a long-term investment plan they can stick to, ensuring adequate savings, and getting clear on spending priorities.

Work with a financial professional

Vanderkloot said women can take steps to boost their confidence, such as working with a financial professional, creating a written financial plan, and building in risk-management strategies.

“This can help you feel more in control of your financial future and sense of security,” she said.

Boosting your financial literacy

Sarah Foster, Bankrate economy analyst, deems this “one of the most valuable investments you can make.”

Understanding where you should put your money to meet your long-term goals can pay invaluable dividends, she said.

“When women do invest, research shows they often do it the right way, waiting out market volatility and investing in a broad-based pool of assets. The patience that so many women are expected to have learned over the years can indeed be a financial strength,” Foster added.

Don’t let anxiety become a tax on your finances

Foster said that people who worry about money may also be more inclined to keep cash under the mattress or parked in a savings account, earning very little when they could be earning long-term growth in financial markets.

“Time in the market matters more than timing the market,” she added.

Tackle the source of your stress

For instance, Dr. Lizette Warner, COO of Trust & Leadership, said that if someone grew up with financial uncertainties, this nervous system response can be quite severe and hard to ignore.

“So the best way to respond is by tackling the source, which is at the level of your nervous system,” she said.

She recommends listing out all your fears, writing them down, and containing them so you don’t spiral. Identify your financial goals with clarity, even if you don’t yet know how to reach them, she added.

“Identifying your goals will give your nervous system protection that there is an objective,” she said.
 Finally, she said, don’t just think of present-day you; consider future you in all your decisions.

“This can help calm your nervous system and alleviate your stress,” she added.

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