Women Lead Financial Decision-Making in Most Households, New Research Shows

Caregiving Plays a Critical, Distinct Role for Women, Say CFP^® Professionals

Women are significant financial contributors to their households and increasingly play a key role in household financial decision-making, according to CFP Board’s latest research report, Building Wealth: Insights on Women’s Aspirations & Growing Financial Power.

More than two-thirds of women consumers (69%) report being their households’ primary decision-makers regarding financial investment choices. Among married women respondents, 60% are the main investment decision-makers in their households.

More than half of women (56%) believe financial planners are best equipped to help them achieve their financial goals, surpassing online tools and other resources.

“While the number of women CFP^® professionals has grown by half in the last decade, we must continue to expand this representation to meet the needs of future clients,” said Board of Directors Chair Liz Miller, CFP^®, CFA^®. “The fact that only 24% of CFP^® professionals are women shows the tremendous opportunity for women to enter this field and help others secure their financial futures.”

It’s widely reported that women control a significant and increasing share of wealth in the U.S., a trend expected to continue in the coming years due to factors such as the “Great Wealth Transfer.” CFP Board’s research supports this, finding that most partnered and employed women are the primary income earners or earn nearly as much as their spouse or partner.

“Understanding women’s goals, challenges and financial planning interests enables CFP^® professionals to provide tailored advice,” said CFP Board CEO Kevin R. Keller, CAE. “A trusting relationship with a personalized perspective is the foundation of ethical, competent financial planning.”

Key Financial Priorities for Women

Women’s top financial priorities are ensuring a comfortable retirement, building emergency savings and providing caregiving for loved ones: 83% of women rate living comfortably through retirement and not outliving their money as a high priority, while 68% prioritize having a sufficient emergency fund.

As they listen to their women clients, CFP^® professionals find that caregiving is a critical and unique concern. These financial planners indicate that their women clients most commonly express concerns about their children (37%) or a close older relative, such as a mother, grandmother or sibling (25%). Only 22% of CFP^® professionals say their women clients are primarily concerned about their own financial situation.

CFP^® professionals report that women are more likely than men to focus on the following:

• Planning for caregiving expenses for a loved one
• Personal long-term care needs
• Emergency funds
• Philanthropic giving
• Health care costs

How Financial Planners Can Best Serve Women

Women greatly value financial planning and, specifically, the role of financial planners in achieving their goals. Three in five women believe it is “extremely” or “very” necessary to work with a professional financial planner to develop a comprehensive financial plan.

Women seek financial planners who show empathy, craft tailored solutions to their specific challenges, have a proven record of success, explain complex concepts clearly and hold relevant certifications (such as CFP^® certification).

Read the full Building Wealth: Insights on Women’s Aspirations & Growing Financial Power report.

METHODOLOGY

CFP Board’s Research team contracted Heart+Mind Strategies to conduct two surveys and review existing publicly available research. The first survey was conducted from Oct. 29, 2024, to Nov. 18, 2024, gathering responses from 296 women CFP^® professionals who work directly with clients and/or spend most of their time providing financial planning services. The second survey, conducted Nov. 8-25, 2024, was of 301 women consumers in households with incomes of at least $60,000 and/or minimum investable assets of $50,000.

ABOUT CFP BOARD

CFP Board is the professional body for personal financial planners in the U.S. CFP Board consists of two affiliated organizations focused on advancing the financial planning profession for the public’s benefit. CFP Board of Standards sets and upholds standards for financial planning and administers the prestigious CERTIFIED FINANCIAL PLANNER^® certification — widely recognized by the public, advisors and firms as the standard for financial planners — so that the public has access to the benefits of competent and ethical financial planning. CFP^® certification is held by more than 100,000 people in the U.S. CFP Board Center for Financial Planning addresses diversity and workforce development challenges and conducts and publishes research that adds to the financial planning profession’s body of knowledge.

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