According to the same study, only four percent of the women respondents said they were not involved in financial decisions. Fifty-six percent of those surveyed said they are involved with financial matters with their partners or spouses. Forty-one percent said they make financial decisions on their own. Sixty-three percent of these sole decision makers are either divorced or unmarried. Forty-two percent of 37% of married women were taking primary roles in financial decision making because they were the most financially savvy person inside the home.
Looking close at those numbers, younger generations of women appear to have greater control of their finances. Thirty-eight percent of Millennial women as opposed to only 22% of the Gen X women and 11% of the Boomers are primary decision makers. More and more Millennial women appear to be well-informed and educated when it comes to finances. Sixty-two percent of the Millennial women respondents also said that either one or both parents taught them about finances and making financial decisions while they were growing up. Eighty-five percent of these Millennial mothers believe they have effectively passed on valuable financial lessons to their children. This means that we are to expect that the next generation of women will be more financially savvy.
Meanwhile, the study also showed that women who have prepared a financial plan appear to be more confident. More likely, these are the women who are at peace with their financial decisions. The survey also revealed that as women age, they become more comfortable with financial planning.
The women surveyed also demonstrated comfort in other non-financial areas of life. This indicates that financially successful women tend to be more contented and happy with life compared with those who have no control over their finances. Financial security translates to harmonious and healthy family.