Women have made significant strides in career advancement, educational attainment, and financial well-being. They now control a staggering $11.2 trillion in personal wealth in the United States2 and are expected to inherit $30 trillion in intergenerational wealth transfers over the next few decades.3 They make up 51% of the college-educated workforce, among those age 25 and older,4 and nearly half (45%) in opposite sex marriages earn the same as or outearn their male spouses.5 However, despite this progress, the gender pay gap persists, with women earning only 84 cents for every dollar earned by men.6 Women are also more likely to experience career interruptions due to caregiving responsibilities, impacting earning potential and retirement security.7 These inequities can hinder women's ability to achieve financial success.
At Corebridge Financial, helping women plan for and achieve lasting financial security is a priority. In 2024, we surveyed more than 2,500 women to understand the actions they are taking for their financial future, how they feel about money and investing, and how professional financial guidance may help them achieve better outcomes. Here is what we learned.
Financial independence is pivotal
For women today, financial independence and living comfortably help define success. About 2-in-3 women say the following factors come to mind when they think about having a successful life:
- Being financially independent: 69%
- Comfortably living the lifestyle of their choosing: 67%
- Providing for their family: 62%
Additionally, saving enough for retirement is a key success factor for Gen X women (59%) and Baby Boomer women (61%). And career success ranks highly among Gen Z women (58%) and Millennial women (45%)
Inflation and retirement are top of mind
Inflation remains a worry for 53% of women, and nearly 1-in-3 are concerned about running out of money in retirement and their ability to retire comfortably.
Dealing with debt and having little or no money invested is cited as a top concern for about 1 in 4 women.
In addition, budgeting is a top worry for Gen Z, Millennial and Gen X women, with interest rate changes a key concern for Baby Boomer women.
Financial health is a mixed picture
How women describe their current financial health varies dramatically:
- 42% of women say their financial health is good or very good compared to 53% of men.
- 1-in-3 (33%) say their financial health is neither good nor bad.
- More than 1-in-4 (26%) report their financial health as bad or very bad.
Among the generations, Baby Boomer and Millennial women report the strongest financial health, followed by Gen Z and Gen X women.
Retirement planning confidence could be stronger
Only 35% of women say they are very or somewhat confident in their ability to plan for retirement, compared to nearly half of men (49%).
Women are also less confident than men in their ability to manage their money to last as long as they live.
Along with worries about running out of money in retirement, annuity ownership is very low. Only 7% of women report owning an annuity, even though annuities are specifically structured to provide lifetime income in retirement. Baby Boomer women are more like to have an annuity (13%), but this drop to 4% of Gen X women.
Already retired women offer valuable planning insights
Women still saving and preparing for retirement can gain valuable tips and insights from women who are already retired.
- Nearly 2-in-3 retired women (63%) say they would have started to save earlier if they could go back and do it again.
- 38% would have worked with a financial professional earlier.
- 31% would have contributed more into their employer’s retirement savings plan.
More investment and retirement education is needed
We asked women about their level of knowledge across a number of financial topics. Here’s what we learned:
Women say they are more knowledgeable about…
- Basic money management
- Debt management
- Life insurance
- Retirement planning
…and less knowledgeable about…
- Alternative investments
- The stock market
- Investment strategies
- Lifetime income products
- How much money they’ll need in retirement
Being fiscally responsible is a priority
When it comes to what women would like to achieve most in the next year, here’s what they say:
- Live comfortably on their income (21%)
- Pay off credit card debt (14%)
- Earn more (10%)
- Sock away six months of expenses (9%)
- Get a new job (7%)
In terms of working toward their financial goals, 40% of non-retired women say having someone help them get started would be the most useful.
Many women lack professional financial guidance
A majority of women today may not be getting the professional financial guidance they need and deserve to help them plan for their future and reach their financial goals. 66% of women say they do not currently work with a financial professional compared to 55% of men.
By generation:
- Millennial women (22%) are the most likely to work with their own financial professional
- 21% of Gen Z and Gen X women work with a financial professional, followed by 20% of Baby Boomer women
Action today can lead to great things tomorrow.
At Corebridge Financial, we’re committed to helping women actively plan and prepare for their financial future through the resources, tools and solutions we offer—and through the financial professionals and institutions we proudly partner with.
Here are some steps women can take now:
- Visualize your retirement: This is an important first step in identifying what savings and investing strategies you'll need.
- Level up your savings game: Make it a priority to maximize contributions to a 401(k), 403(b), IRA, or other tax-deferred retirement plan as your budget allows.
- Partner with a pro: A financial professional can help you avoid mistakes, reduce financial stress and stay on track to help reach your goals.
Our Action Planner Series of educational resources and tools makes it easy to learn more about important financial topics like retirement investing, retirement income planning, Medicare, and more.
1 The 2024 Corebridge Financial survey on women and investing was conducted online May 2-8, 2024, by Morning Consult among a national sample of 4,023 U.S. adults.
2 McKinsey & Company. (2020). "Women as the next wave of growth in US wealth management."
3 BCG. (2020). "Managing the $30 Trillion Wealth Transfer: Serving the Next Generation of Women."
4 Katherine Schaeffer, “For Women's History Month, a look at gender gains—and gaps—in the U.S.,” pewresearch.org, February 27, 2024.
5 Pew Research Center, “In a growing share of US marriages, husbands and wives earn about the same,” 2022.
6 U.S. Department of Labor, "Equal Pay Day 2023" News Release, March 14, 2023.
7 Ulrike Ehrlich, Katja Mohring, Sonja Drobnic, "What Comes After Caring? The Impact of Family Care on Women's Employment," 2020.
Important information
Annuities are long-term products designed for retirement and offer the opportunity for tax deferral. Annuities offer guaranteed income payments for life at no additional cost through annuitization. Alternatively, some annuities offer lifetime income through standard or optional income benefits available for an additional fee. Other restrictions and limitations apply. There is no assurance that income from an annuity will keep pace with inflation. Early withdrawals may be subject to withdrawal charges. Partial withdrawals may reduce benefits available under the contract, as well as the amount available upon a full surrender. Withdrawals of taxable amounts are subject to ordinary income tax and, if taken prior to age 59½, an additional 10% federal tax may apply. An investment in a variable annuity or registered index-linked annuity is subject to risk, including possible loss of principal. The contract, when surrendered, may be worth more or less than the investment amount. Retirement accounts, such as IRAs, can be tax-deferred regardless of whether or not they are funded with an annuity. The purchase of an annuity within a retirement account does not provide additional tax-deferred treatment of earnings. However, annuities do provide other features and benefits. Guarantees are backed by the claims-paying ability of the issuing insurance company.