Le Lézard
Subjects: Survey, Economic News/Analysis

Women Confident Managing Short-Term Finances, but Less So on Long-Term Strategies, Finds New York Life Wealth Watch

The latest findings from New York Life's Wealth Watch survey provide insights into the existing financial confidence and knowledge gaps between men and women. Confidence is the top emotion that men report feeling toward managing their household finances (45%) while stress is the leading emotion for women (38%). The survey found that women report feeling the most knowledgeable about paying bills, maintaining good credit, and saving for emergencies. However, they report feeling significantly less knowledgeable than their male counterparts about building wealth, creating investment portfolios, understanding protection products like insurance, and legacy planning.

"Financial wellness is a journey, not a destination," said Jessica Ruggles, Corporate Vice President of Financial Wellness at New York Life. "This is especially true for women's financial journeys, as we see women making progress in their savings and spending, while facing major societal challenges and unique life events that impact their financial strategies."

Ruggles noted that women carry a disproportionate burden of the high costs of childcare and elder care, along with the associated debt. "These complicating factors make clear that for women, maintaining confidence around day-to-day financial management ? and seeking trusted guidance to grow their knowledge and take action around protecting who and what matters most ? are critical. And it's even more important when it comes to growing investments and building and transferring wealth."

Married women report managing day-to-day financial responsibilities, while men report managing long-term strategy

Knowledge gap mirrors division of labor for household financial tasks, but education can create confidence needed to develop and execute against long-term financial strategy

Knowledge of Financial Topics

(Summary: Very & Somewhat Knowledgeable %)



Knowledge Gap (Diff. Female vs. Male %s)

Understanding/filing taxes




Saving for retirement




Building wealth




Building investment portfolio/managing investments




Legacy planning








"Although our research shows a perceived knowledge gap, the data shows an encouraging trend," continued Ruggles. "Financial education for women is evolving ? Gen Z and Millennial women report having received formal financial literacy education at much higher rates than Gen X and Baby Boomer women. There's an increased desire to invest, save and achieve financial freedom, as 82% of women report wanting more financial information that reflects their interests, including buying a home. Financial experiences and confidence vary by age, suggesting the need for women to seek individualized support and guidance from a financial professional."

Many women find themselves in caregiving roles and face additional financial and emotional strain

"Caregivers, and especially Sandwich Generation caregivers, who find themselves caring for young children and aging loved ones simultaneously, face unique challenges that can significantly impact their financial security along with their personal and professional ambitions," said Ruggles. "Caregivers report spending over half of their day caring for a loved one. For those balancing careers, personal responsibilities, and caring for young children, it makes sense why women report stress as the leading feeling towards managing their household finances. At the same time, over 6-in-10 caregivers say that caregiving responsibilities have prompted them to become better at building and adjusting a financial strategy. Those learnings from lived experience can work in tandem with support from improved workplace benefits and access to financial guidance to help caregivers both manage financial challenges and find more secure financial footing for themselves and their families."


Wealth Watch is a recurring survey from New York Life that tracks Americans' financial goals, progress toward those goals and feelings about their ability to secure their financial futures, identifying key themes and trends that are emerging about topics like retirement planning, the role of protection-oriented solutions and the importance of financial guidance.


This poll was conducted between February 23 ? 25, 2024 among a sample of 2,227 Adults. The interviews were conducted online and the data were weighted to approximate a target sample of adults based on gender, age, race, educational attainment, and region. Results from the full survey have a margin of error of plus or minus 2 percentage points.


New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest1 mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life's family of companies offers life insurance, disability income insurance, retirement income, investments, and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies.2

1Based on revenue as reported by "Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual)," Fortune magazine, 6/5/2023. For methodology, please see http://fortune.com/fortune500/.

2Individual independent rating agency commentary as of 11/17/2023: A.M. Best (A++), Fitch (AAA), Moody's Investors Service (Aaa), Standard & Poor's (AA+).

News published on and distributed by: