Women take charge of the money but wish they’d sought advice sooner

Most women are the ‘chief financial officer’ of their household, a study by Allianz Life Insurance Company of North America has found, but most wish they had spoken with a finance professional sooner.

Fifty-one per cent of women control the finances in their household and there has also been an increase in the proportion of women saying they are the primary breadwinner (37 per cent compared to 31 per cent 4 years ago).

“Women are taking a larger role in managing household finances and are gaining more responsibility for the financial success of their family,” said Allianz Life Vice President of Consumer Insights Katie Libbe. “The savviness that women exhibit with their household finances can translate to being more assertive and having confidence to take risks in their careers.”

Most of the respondents say they feel financially secure but most would like more knowledge about financial planning and investments.

Around a third of women use a finance professional for guidance while 75 per cent said they wish they had done so sooner.

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