Study: More women managing home finances, although less financially confident than men
A new study conducted By Regions Private Wealth Management finds more women than men are in control of their household's finances. It also finds that women have a lower financial confidence than men do.
More than 1,000 Regions customers took the survey. Women rated themselves less confident and less optimistic about their finances than men did. 44 percent of women said they are solely responsible for making financial decisions for their household.
That's more than the 35 percent of men who claimed the same responsibility.
"The world has taken a turn," said Charlena Jackson. "We have women in positions now that men usually monopolized."
Jackson manages the finances of her Birmingham family.
"From the time we get paid, my husband and I, I am the sole person to assure that everything from keeping a roof over our heads to having utilities and even the extra amenities such as cell phones etcetera are taken care of," explained Jackson.
While Jackson says she's confident in her decisions, she understands a new study by Regions Private Wealth Management that finds women are less financially confident than men.
"We have to look at all of those intimate details about everything," said Jackson.
Anne Copeland is Region's Head of Private Wealth Management. Why are women less confident? She says it's an interesting question.
"I think women really like to learn," Copeland told ABC 33/40. "They want information. They want research. They want education. They don't want to make a mistake. And at the same time, I think they're pulled in many directions. They have lots of responsibilities in today's environment."
Copeland says the study shows times are changing.
"I think it has changed over time. When you look at a lot of the statistics, in the year 2030, two thirds of the wealth in the United States will be controlled by women. So think about the implications of that and how it plays into both the day to day and the long term investing for women overall."
While the survey included people with a range of salaries, many of them did make at least $100,000 a year.
Another question asked in the survey, what advice would you give your younger self?
The top answer from both men and women was to start younger and to save more.
As a way to boost women's financial confidence, Regions launched a website:
There is research and information about topics from investing to buying a car to asking for a raise. All the information is targeted for women.