What you probably already know: Only about one in three women say they feel highly confident managing their finances despite taking on increasingly complex responsibilities. A study of more than 10,000 women from California-based Beacon Pointe Advisors, which operates more than 90 offices across the country, notes that financial confidence is closely tied to active participation in decision-making, with women who lead their financial decisions (either personally or for their household) nearly three times more confident than those who don’t. The study, called “HerWorth,” also finds that women who work with a financial adviser report a 60% increase in financial acumen and confidence.
Why it matters: “Financial confidence is not created by wealth alone,” says Shannon Eusey, Beacon Pointe co-founder and chairman. “When women become involved in financial decisions, they ask different questions, make more informed choices and become more confident over time. This is where the real transformation happens.” Nearly 40% of women say they don’t have enough time to spend on financial planning and management, while almost half haven’t yet started planning for aging parents. Thirty-two percent don’t have an estate plan. Notably, three in 10 have substantial cash sitting around they haven’t invested, with the survey noting that, for women who have portfolios over $500,000, that often means “six figures parked for more than a year.”
What it means: The findings suggest that financial confidence develops through experience rather than just knowledge as the “Great Wealth Transfer” kicks in, with women in the U.S. projected to control $34 trillion in investable assets by 2034, three times what they did just six years ago. And while artificial intelligence is beginning to play a large role in financial planning — as well as everything else — most women don’t fully trust the technology. Unsurprisingly, younger women are more willing to use AI, but that declines sequentially with every older age group.
What happens next: The report notes that “your next move does not need to be perfect, just intentional.” It recommends balancing short-term cash needs with investable assets; not procrastinating on essential conversations around elder care and estate planning; and delving into topics such as budgeting, investing, retirement planning and family care one by one to make the process more manageable and less overwhelming. “In my 35 years of serving women, I’ve seen firsthand the value of creating an environment where they feel comfortable asking questions,” says Heather O’Neill Fairbanks, Beacon Pointe partner and managing director. “The study highlights the importance of understanding how we can best serve women.”
