<\/p>\n
Last month was Women\u2019s History Month, a month that celebrates women\u2019s economic, political, and cultural achievements while also marking a call to action for gender equality. While it\u2019s important to recognize the strides women have achieved on so many fronts, it\u2019s equally important to remember that significant disparities remain.<\/p>\n
Read more important personal finance articles<\/p>\n
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\u2019s Women in the Workplace 2025 report.<\/p>\n
And when it comes to the gender pay gap, figures continue to be astonishing:\u00a0 women earn a whopping \u201c20% less than men for work of equal value,\u201d and \u201cthey perform 2.5 times more unpaid care work than men,\u201d according to Fair Play Talks.<\/p>\n
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 \u201cthe second consecutive annual decrease in the female-to-male earnings ratio.\u201d<\/p>\n
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.<\/p>\n
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\u2019re the primary financial decision-maker.<\/p>\n
\u201cThat\u2019s a big milestone. But at the same time, fewer women feel financially secure or confident about their retirement plans \u2013 and that\u2019s concerning,\u201d she said.<\/p>\n
Related: Divorce can devastate retirement savings; can a QDRO help?<\/p>\n
53% are the CFO of their household<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
\u201cThere 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,\u201d Rebell said.<\/p>\n
In fact, the Allianz survey found that despite the rise in financial responsibility, only 63% of women say they feel secure financially \u2013 down from 72% in 2021 and 64% in 2023.<\/p>\n
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\u2019s financial wellness, she said,<\/p>\n
\u201cThat 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,\u201d Rebell added.<\/p>\n
\u201cThere 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.\u201d<\/p>\n
And that\u2019s 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\u2019s financial future and well-being.<\/p>\n
\u201cThe 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\u2019t have the team (the family) behind them,\u201d Rebell said.<\/p>\n
Declining confidence extends to long-term financial goals, such as retirement<\/p>\n
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 \u201cmany women are losing sleep with financial worries keeping them up at night.\u201d<\/p>\n
Top concerns include inflation, which impedes financial goals (36%), rising health insurance costs (35%), andrunning out of money in retirement (35%), the survey found.<\/p>\n
Allianz\u2019s Vanderkloot said that those factors may be outside of your control, but that doesn\u2019t mean you are powerless.<\/p>\n
\u201cThis is where professional guidance becomes especially valuable.\u00a0 With the help of a financial professional, you can build a long-term financial strategy that helps protect your purchasing power over time,\u201d she said.<\/p>\n
While the economic factors are out of your control, what can women do to alleviate stress both financially and emotionally?<\/p>\n
Creating a specific and realistic plan<\/p>\n
According to Rebell, this is \u201cthe best way to alleviate financial anxiety.\u201d<\/p>\n
\u201cIt doesn\u2019t have to be perfect. In fact, if it is too optimistic and doesn\u2019t 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,\u201d she said.<\/p>\n
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.<\/p>\n
Work with a financial professional<\/p>\n
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.<\/p>\n
\u201cThis can help you feel more in control of your financial future and sense of security,\u201d she said.<\/p>\n
Boosting your financial literacy<\/p>\n
Sarah Foster, Bankrate economy analyst, deems this \u201cone of the most valuable investments you can make.\u201d<\/p>\n
Understanding where you should put your money to meet your long-term goals can pay invaluable dividends, she said.<\/p>\n
\u201cWhen 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,\u201d Foster added.<\/p>\n
Don\u2019t let anxiety become a tax on your finances<\/p>\n
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.<\/p>\n
\u201cTime in the market matters more than timing the market,\u201d she added.<\/p>\n
Tackle the source of your stress<\/p>\n
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.<\/p>\n
\u201cSo the best way to respond is by tackling the source, which is at the level of your nervous system,\u201d she said.<\/p>\n
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.<\/p>\n
\u201cIdentifying your goals will give your nervous system protection that there is an objective,\u201d she said.
\u00a0Finally, she said, don’t just think of present-day you; consider future you in all your decisions.<\/p>\n
\u201cThis can help calm your nervous system and alleviate your stress,\u201d she added.<\/p>\n
Related: Watch for tax scams targeting Gen X and Boomers<\/p>\n
#study #Majority #women #CFO #households<\/p>\n","protected":false},"excerpt":{"rendered":"
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