Women & Advice

Women collaborate with partners and consult advisors

How Women Make Decisions—and With Whom

Women are more likely to participate in shared decision-making within their households and more likely to say they work with financial professionals compared to their male counterparts. The differences in these areas tell a nuanced story with implications for couples’ financial planning and advisor communication strategies.

Researchers asked respondents: “Who in your household is responsible for making financial and investment decisions?” The options were:

  • Primarily you
  • Both you and another person
  • Primarily someone else

Very few respondents—of either gender—say someone else at home is primarily making the financial and investment decisions. But men and women differ on the topic of shared decision-making. Among the women surveyed, 60% say they are the primary decision-maker, compared to 68% of men who say the same; leaving 40% of women who say decision-making is shared, compared to 31% of men who agree.

Women Working With Financial Professionals

Researchers asked respondents, “Do you currently have an ongoing relationship with a professional financial advisor?” And the answers may surprise you. Women are more likely to say they work with financial advisors (37%) than men (34%). The advice-to-knowledge correlation is powerful for both genders. Both men and women who work with financial advisors tend to have higher Retirement Income Literacy Scores than those who don’t—accounting for a double-digit difference.

Women who say they make financial decisions together with others in their households are significantly more likely to work with financial advisors (41% have ongoing relationships with financial advisors) compared to women who say they make decisions primarily on their own (34% of whom have ongoing relationships with financial advisors).

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