The future of women's wealth

When it comes to financial planning, women need a partner who understands them.

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By 2030, women are expected to control much of the $30 trillion in financial assets that baby boomers will possess.1 Already, women make up an increasingly large share of millionaires in the US and around the world.

44% of millionaires across the world are female2.

44% of ultra-high-net-worth individuals in the US are female3.

Millionaire women from Gen X, Y, and Z are forging a different relationship with investing than the preceding generation.4

76% feel knowledgeable vs. 56% for boomers

76% enjoy investing vs. 37% for boomers

Between 2016 and 2021, the percentage of women millionaires who are in Gen X, Y, and Z grew from 19%5 to 25%.

Still, financial advisors often fail to take women's needs into account or offer them the right kind of support.

During the pandemic, only 60% of millionaire women were satisfied with how their advisor helped address their concerns. For men, almost 75% were satisfied.

"Women are pulled in many different directions," said Pamela Pirone-Benson, vice president of Advanced Planning. "They can be mothers, caregivers, business owners — sometimes all of the above — and often feel like they don't have the time to devote to developing a financial plan. When seeking advice, it's critical that they find someone they trust, who understands what's really important to them and can help them reach their financial goals."

Men and women share many of the same financial goals.

  • Saving for retirement
  • Estate planning
  • Saving for a vacation
  • Minimizing taxes
  • Saving for long-term health care expenses

Over 75% of women want their investments to better align with their personal values.

But women investors are less likely to have a formal financial plan, and as a result are more likely to experience challenges related to unforeseen expenses and unpredictable income.

65% of women have a plan; 72% of men do.

Investors who get professional financial advice are more likely to feel confident about achieving their goals.

Goal Confident Advice Users Confident Non-Advice Users
Saving for retirement 90% 76%
Estate planning 91% 74%
Saving for a vacation 92% 78%
Minimizing taxes 68% 45%
Saving for long-term health care expenses 87% 75%

At Fidelity, we believe it's important for women to engage as early as possible in the financial planning process, so they can take the necessary steps to help secure their financial future.

For more on how to develop a thoughtful plan for your wealth and the latest on the markets, taxes, and more, visit Fidelity.com/Insights.

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