MoneyWise Live


Women and Financial Decisions

August 14, 2018

Surprising statistics about women and personal wealth - women own 51% of it in the United States. And and as the transfer of wealth continues, that number is going to climb even higher.  But if women hold the purse strings— does that mean they’re prepared to make necessary financial decisions? Financial teacher and planner Rob West discusses that with Women Doing Well co-founder Sharon Epps. Sharon not only helped launch Women Doing Well— an organization that inspires Christian women to use their time, talent and treasure to further God’s Kingdom, she’s also the chief operating officer of Kingdom Advisors.  Women Doing Well was founded by four friends who realized that the world was saying a lot about women and money not from a Christian perspective.  The foundation embarked on what ended becoming a year-long journey of listening to over 7000 Christian women leading us right into surprising numbers like this:

  • Besides owning more than half of all personal wealth in the US (researchers say that number will grow to 67% of privately held wealth by 2030)
  • Women also control 48 percent of estates worth more than 5-million dollars.
  • Women will inherit 70% of the 41 trillion dollars in inter-generational wealth transfer expected over the next 40 years.

Those numbers are astonishing— especially when we tend to hear so much about the financial difficulties of single moms but it’s important to realize that married women in stable relationships with resources have issues, too because they are the ones that tend to ignore finances because they think others in their lives can be the ones to think about it.  Such women need to be prepared because: 

  • Both the amount of wealth controlled by women and the rate it’s growing are extraordinaryly
  • 95% of us will be our family’s primary financial decision maker at some point in our lives.
  • Many are waiting until later to get married or perhaps don’t get married at all.
  • 80% os such women who are married will be single when we pass away because the average age a woman becomes a widow is 56.
  • Because, women live longer than men, they are often dual inheritors – inheriting wealth from their parents and their spouses.

So women are taking on vastly more financial decision-making today than previous generations— are they ready for it?  As a group, certainly. Consider these points: 

  • Nearly 13 million firms or 46% are owned or co-owned by women. 
  • They generate about $2.5 trillion in revenue and employ nearly 16-million people.
  • Almost 1 in 10 working-age women is an entrepreneur.

That doesn't mean every woman is prepared.  Some will come into wealth perhaps without having managed the family finances or making major decisions and may need to get prepared for those financial responsibilities in these ways:

  • Get a trusted financial adviser
  • Read and study - God’s Word relating to finances, Never Enough? 3 Keys to Financial Contentment
  • And, of course, keep listening to MoneyWise!

Next, Rob and Steve tackle listener questions at 800-525-7000 and via email to Questions@MoneyWiseLive.org on a variety of topics:

  • If you and your partner are going back to school and anticipating it costing about $60,000, would it be better to pull money from $110,000 broker account or get a loan to pay for the studies?
  • What level of financial assistance should you participate in for your child if you're in relatively good financial shape?
  • Should you tithe from your gross income or your net income?
  • If you have a relatively reliable automobile, how do you determine when to start thinking about replacement?

Be sure to check out our new website at MoneyWiseLive.org to connect with a MoneyWise Coach or access our books, videos, or any of our free helpful resources.  Thanks for your prayerful and financial support that helps keep MoneyWise Live on the air.  And if you'd like to help, just click the Donate tab at the top of the page.