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February 15, 2017 at 10:23 AM
A new study by Allianz Life finds that a majority of American women have assumed responsibility for their family’s finances, but many have not shown similar assertiveness at work.
Fifty-one percent of women surveyed said they were their household’s chief financial officer, and 37% said they were the family’s main breadwinner, up from 31% in Allianz Life’s 2013 study.
In addition, 53% reported that they either had a “great deal of responsibility” or “do it all” when managing the household’s long-term savings and investments.
Despite their large role in household finances, the number of women who said they had greater earning power than they had ever had fell to 50% from 57% in 2013. The study pointed to a factor that played into this perceived decline in earning power: Just 44% of respondents claimed that they had “leaned in” at work by asking for a raise or promotion they thought they deserved.
“Women are taking a larger role in managing household finances and are gaining more responsibility for the financial success of their family,” Allianz Life’s vice president of consumer insights Katie Libbe said in a statement.
“The savviness that women exhibit with their household finances can translate to being more assertive and having confidence to take risks in their careers.”
Following the November presidential election, Sally Krawcheck, chief executive of Ellevest, put together a checklist for women on how they can assert their power in the Trump era.
The Allianz Life study was based on an October survey of 1,416 women, ages 25 to 75 with household income of at least $30,000 a year. Some questions were resurveyed from the 2013 study, Allianz said.
Overcoming Uncertainty
Fifty-eight percent of women in the poll considered themselves more financially knowledgeable than their spouse or partner, and 67% said becoming savvier and more involved in managing finances had improved their quality of life.
