Just more than half, 51%, of women say they act as their family’s “chief financial officer,” according to the latest Allianz Women, Money and Power survey. However, at work, only 44% have the confidence to ask for a raise they think they deserve.
Fifty percent of women said that their earning power had increased, down from 57% in Allianz’s 2013 survey.
Thirty-seven of married women say they are their family’s primary breadwinner, up from 31% in 2013, and 53% of women are responsible for managing their household’s long-term savings and investments.
“Women are taking a larger role in managing household finances and are gaining more responsibility for the financial success of their family,” says Katie Libbe, vice president of consumer insights at Allianz Life. “The savviness that women exhibit with their household finances can translate to being more assertive and having confidence to take risks in their careers.”
Fifty-eight percent of women said they are more financially savvy than their spouse or partner, 67% report that becoming more knowledgeable and involved in managing finances made a difference in their quality of life, and 68% said they feel financially secure.NEXT: Turning to professionals for advice
On the other hand, the survey found 61% of women wish they were more confident about making financial decisions, and 63% wish they knew more about financial planning and investing.
Nearly two-thirds said that investment information can, at times, be overwhelming. Women’s two top financial worries are running out of money in retirement and managing the rising costs of health insurance.
This may be why 30% of women have turned to a financial professional for guidance. Among this group, 75% wish they had done so earlier. However, when meeting with their financial professional, 51% say they seem to defer to their spouse or partner as the principal decision-maker—and this phenomenon happens whether the financial professional is male or female.
Asked what financial advice they would give to their daughters or granddaughters, 81% said start planning early, rely on themselves rather than others for financial security (71%), create a good financial plan (72%), learn how to invest money (56%) and have the confidence to ask for the salary they deserve (56%).
The online survey was conducted among 1,416 women
between the ages of 25 and 75 last October. To participate, their household
income needed to be at least $30,000.