Show Them the Money! Majority of Women Now Earn Most of the Household Income — Dollars and Sense
That age-old custom of men being the primary breadwinners may now officially be dead — a new study shows the majority of women now bring home most of the bacon.
Prudential Financial, which polled 1,400 women and 600 men between the ages of 25 and 68, found a bit more than half of women are now the main source of income, a number that’s risen in part because their partners lost their jobs during the economic downturn.
“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,” said Susan Blount, senior vice president and general counsel for Prudential Financial.
But since only 10 percent of female breadwinners said they feel “very knowledgeable” about financial products and services, they’re only half as likely as men to feel well-prepared when it comes to making wise money decisions.
Christine Marcks, president of Prudential Retirement, called that “concerning” and said, “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.”