Fifty-three percent of women are the primary breadwinners, especially as there are more women are rising to this role because of partners losing jobs and marriage after divorce, according to a recent study by Prudential Financial.
Although many women are now breadwinners, only 20 percent of respondents say they feel well prepared to make financial decisions as opposed to 45 percent of men.
"While our past research focused on women who are primary or joint financial decision makers, this new data shows that consistent with demographic trends and reflecting the impact of the financial crisis, the majority of women today are financially responsible for generating their own and their families' income," says Susan Blount, senior vice president and general counsel of Prudential Financial. "The study shows that with women in more control than ever of their finances, they face significant challenges when it comes to financial decision making and admit to a lack of knowledge about financial solutions that can help them."
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Since the financial crisis, 70 percent of respondents say they have lost ground, and another 30 percent of respondents report struggling to make ends meet or can no longer keep up with expenses. Approximately 30 percent of respondents say their households have been impacted by layoffs. Still, respondents remain optimistic as nearly 40 percent feel good regarding the country's economic prospects.
Although most respondents are the breadwinners, approximately 22 percent of respondents who are married or living with a partner say they make the most money. However, this does vary by race as 33 percent of Asian-American and 31 percent of African-American married respondents are the higher-income earners compared to 19 percent of white respondents.
Although respondents are taking on large roles in family finances, those earning at least $50,000 report being less confident when it comes to maintaining their lifestyles in retirement while the gap between the importance of retirement lifestyles and confidence has jumped from 62 points in 2008 to 69 points, a record high, in 2012.
"It is concerning that so many women do not feel they have the information they need to make the necessary decisions to help secure their financial futures," says Christine Marcks, president of Prudential Retirement. "Whether the financial services industry or advisers like it or not, given women's key role as primary breadwinners and financial decision makers, there needs to be greater emphasis on supporting women's financial needs and helping them plan for a secure retirement."
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