Report: Women Increasingly Serving as “CFO” of Their Households, yet Uncertain About Achieving Financial Goals
03 Settembre 2024 - 2:00PM
Business Wire
Survey data of more than 7,800 women finds
insecurity in ability to invest in investment accounts, despite
confidence in budgeting skills and ability to save
Primerica, Inc. (NYSE: PRI), a leading provider of financial
services and products in the United States and Canada, released its
report on Empowering Middle-Income Women’s Financial Decisions:
Navigating Confidence, Opportunity and Representation in the
Financial Services Industry.
Report findings reveal that despite the remarkable gains women
have made in work, education and financial security over the past
50 years, significant gaps persist in how women understand and
manage their finances. This lack of confidence, coupled with an
underrepresentation in the financial services industry, highlights
ongoing challenges and opportunities to empower women on their
financial journeys.
“Women are increasingly taking a lead role in the financial
welfare of their families. But data suggests they lack confidence
to achieve financial security, despite women proving they can
adeptly manage their household budget and possessing a level of
education often surpassing their male counterparts,” said Tracy
Tan, CFO of Primerica. "There is a clear need to increase female
representatives in financial services. Trends confirm that women
want to work with a financial professional who shares a similar
background.”
The report uses a wealth of data from Primerica’s Financial
Security Monitor™ (FSM™), a quarterly survey of middle-income
households’ financial confidence and outlook. In all, the findings
represent the collective responses of more than 7,800 women across
15 completed FSM™ surveys since Primerica began polling
middle-income households quarterly in 2020.
“We see that, although nearly half of all women surveyed feel
confident in their ability to select a financial professional, less
than one-fifth currently use one,” said Amy Crews Cutts, Ph.D.,
CBE®, economic consultant to Primerica. “In addition, despite women
showing high capability and success in managing their finances,
they often underestimate their personal skills when it comes to
complex financial activities like investing in stocks and bonds.
These trends highlight untapped potential among a growing
population of woman-led households who are forecasted to command
about $30 trillion in personal wealth by 2030.”
Key Findings:
- The Confidence vs. Performance Challenge: Primerica’s
survey data shows that women overwhelmingly express confidence in
basic financial tasks like budgeting and saving. However, far fewer
feel secure in their ability to invest in investment accounts like
mutual funds. Other studies show women who are confident in their
abilities to invest consistently outperform men in investment
returns.
- Women Seek Financial Advice to Make Up for Experience They
Don’t Have: Women respondents said they mainly seek financial
advice from professionals due to their own lack of experience, and
they are likely to rely on friends and family for the same
reason.
- Women Want to Get Financial Advice from Someone They Relate
to: More than half of women surveyed value a financial
professional who can relate to their background and understand
their life journey.
- Women Overwhelmingly Do Not Want to Use AI-powered Robo
Advisors: 75% of women prefer to get their financial advice
from a human.
The full report can be accessed here and key data elements are
included below.
Data Highlights
Share of female respondents in
Primerica FSMTM survey indicating they are somewhat confident or
very confident they would know how or be able to do each of the
following:
Build good credit
83%
Pay down credit card debt
81%
Create and follow a financial budget
78%
Save for the short or long term
72%
Buy life insurance
62%
Repay all your outstanding debt before
retiring
57%
Set up a retirement account such as a
401(k) or IRA
57%
Buy real estate
52%
Select a licensed and trained financial
professional to assist you
47%
Invest in stocks, bonds, or mutual
funds
34%
Note: Responses from the 15 panels of the
Primerica FSMTM Survey. Not all options were asked in every
panel.
About Primerica’s Financial Security Monitor™ (FSM™)
Since September 2020, the Primerica Financial Security Monitor™
has surveyed middle-income households quarterly to gain a clear
picture of their financial situation, and it coincides with the
release of the monthly HBI™ four times annually. The findings in
this latest report represent the collective responses of more than
7,800 women across 15 completed FSM™ surveys since Primerica began
polling middle-income households in 2020. Using Dynamic Online
Sampling, Change Research polls adults nationwide with incomes
between $30,000 and $130,000. Post-stratification weights are made
on gender, age, race, education and Census region to reflect the
population of these adults based on the five-year averages in the
2021 American Community Survey, published by the U.S. Census. The
margin of error is 3.0%. For more information visit
Primerica.com/public/financial-security-monitor.html.
About Primerica, Inc.
Primerica, Inc., headquartered in Duluth, GA, is a leading
provider of financial products and services to middle-income
households in North America. Independent licensed representatives
educate Primerica clients about how to better prepare for a more
secure financial future by assessing their needs and providing
appropriate solutions through term life insurance, which we
underwrite, and mutual funds, annuities and other financial
products, which we distribute primarily on behalf of third parties.
We insured approximately 5.7 million lives and had approximately
2.9 million client investment accounts on December 31, 2023.
Primerica, through its insurance company subsidiaries, was the #2
issuer of Term Life insurance coverage in the United States and
Canada in 2023. Primerica stock is included in the S&P MidCap
400 and the Russell 1000 stock indices and is traded on The New
York Stock Exchange under the symbol “PRI”.
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version on businesswire.com: https://www.businesswire.com/news/home/20240903079117/en/
Public Relations Gana Ahn, 678-431-9266 gana.ahn@primerica.com
Investor Relations Nicole Russell, 470-564-6663
nicole.russell@primerica.com
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