06/17/2014
Women are continuing to gain more and more power economically, politically and socially. Today there are three times as many women earning college degrees than in 1970, and 71 percent of mothers with children under age 18 are working.1 Only 40 years have passed since the Equal Credit Opportunity Act made it illegal for lenders to discriminate based on gender, and the number of women-owned businesses rose 44 percent between 1997 and 2007 – and has likely continued to grow since then.2
 
But when it comes to household finances – saving for retirement, managing budgets and making insurance and investment decisions – how are women involved, and what motivates their role in making financial decisions? That is what the Women and Financial PowerSM study set out to understand. The data uncovered that nearly every American woman surveyed is influencing these decisions or making them on her own; and those women nearing retirement, one of life’s biggest milestones, are most engaged in and confident about their finances.
 


1 Source: U.S. Bureau of Labor Statistics, “Women in the Labor Force: A Databook”, published February 2013

2 Source: U.S. Department of Commerce, “Women-Owned Businesses in the 21st Century”, published October 2010

The Women and Financial PowerSM study was created by Ameriprise Financial utilizing survey responses from 3,515 Americans (2,010 women and 1,505 men as a control) ages 25-70 with investable assets of at least $25,000. The online survey was commissioned by Ameriprise Financial, Inc. and conducted by Artemis Strategy Group from March 6 – March 24, 2014.