In today’s shifting landscape, finances are front and center in many American households. With spiking inflation over the last few years, a pending election cycle, market volatility, and a massive transition in wealth in the US over the next decade, financial planning can seem as complex as ever. Additionally, the roles that family members play in financial planning and our economy has shifted significantly over the past 50 years. By 2030, women will be the primary holder of wealth in the United States, as reported by a 2020 McKinsey and Company report, signaling a shift in their roles within financial planning. In the same report, the total amount of wealth transitioning to women in the next decade is projected to exceed the annual GDP of the U.S., shifting “women as the new face of wealth” here in the U.S. As a result, women are increasingly taking proactive roles in shaping their economic destinies. Bryn Mawr Trust released in 2024 reveals valuable insights into the financial habits of women, emphasizing the importance of active participation in managing wealth. The WSFS study found that for women in households with over $1m in investable assets, 99% reported being involved with the financial planning process with only 1% stating they were not involved. The landscape has shifted.
This article distills key findings into five essential tips and findings for women to assert control over their financial well-being.
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