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October 8
Wealthy women don’t necessarily think they do well managing their own money, according to a new study by Regions Financial.
Women were more likely to declare themselves solely responsible for the financial decisions of their households, Regions found in its study. About 44% of women said they were solely responsible for their households' finances, compared to 35% of men.
But women also expressed lower confidence in their ability to manage their finances, Regions said.
“As women continue to advance personally and professionally, women’s financial opportunities and responsibilities are actually outpacing their financial confidence and optimism,” said Anne Copeland, head of the Regions Private Wealth Management division.
The results came from Regions' Women and Wealth study, which was released Thursday.
Women rated their money-handling skills at 5.86 on a 7-point scale, compared to 6.20 for men. Women gave themselves an average of 4.75 points on investing skills, compared to the men's rating of 5.42.
Female respondents said they rely more on personal networks to help them make better money choices: 48% of women under the age of 50 considered their parents a resource for making financial decisions, versus 30% of men in the same age category.
Women were also more more likely to view financial advisers and spouses as sources of advice, compared to men.
The survey also suggested that women manage money differently than men, with about 47% of women saying they would accept a lower return on investment from a company that's aligned with their own social values. That compared to 38% of men.
