A strong majority (93%) of affluent women "enjoy making and accumulating money" and more than half (53%) believe that money helps buy happiness, according to a new Wells Fargo survey of affluent women.
Women have a strong sense of pride in earning money with 85% of them saying they feel proud about their earning power. Versta Research conducted the survey of 1,872 women, ages 40-79 with at least $250,000 in household investable assets, to examine their perspectives on wealth, investing, work and retirement.
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Affluent women are taking the lead in managing the daily finances with 82% percent managing the household budget and purchase decisions, 79% managing the household cash flow and 75% paying the bills.
But only 46% of these women are taking primary responsibility for choosing and managing investment accounts, and this rate falls to 34% among married women. Affluent women in their 40s buck this trend, with more than half (56%) choosing and managing investment accounts.
As their wealth has increased, 43% of affluent women say they have become more competent at handling investments, while 53% stayed the same and 4% became less competent.
Along similar lines, a minority of these women (36%) say they have become more involved in financial decision making, while a majority (58%) say their involvement in financial decision making has stayed the same and 6% became less involved.
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By GlobalData"I don’t think I’ve seen a study where women so overwhelming express joy at earning money and pride in their capacity to do so. And, they credit the stock market for increasing their wealth. However, we see fewer women managing their investments, although that is changing."
"The good news is more younger women in the workplace are taking on the role of investing for their households. If you are making money and you think the market is helping your money to grow, then it makes sense to be more directly involved in investment decisions," said Karen Wimbish, director of Retail Retirement at Wells Fargo.
