Women and Wealth

The company which did the research report - U.S. Bank

About the company - U.S. Bancorp is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of the U.S. Bank National Association and is the fifth largest banking institution in the United States. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions.

Area of research - Attitudes and preferences around women and their finances.

Name of the organization which did the survey - Scorpio Partnership, an Aon company.

Participants of the survey - 3,000 women and men of all ages.

Duration of the research survey -The survey was fielded in the U.S. from October 24 to November 13, 2019. 

Main points of discussion in the survey:

1. Unpacking financial empowerment
2. The road to empowerment
3. From empowerment to engagement
4. Putting wealth to work

Findings of the survey:

1. Women still dominate in fields like K–12 education, nursing, and the retail and service sectors.
2. Expectations around marriage, in particular, have evolved over the past few generations, with the median age of marriage for women rising from 20.8 in 1970 to 28 in 2019.
3. Financial independence has improved from 60% in the 1950s, however, women still earn only about 85% of what men earn today.
4. Women became at risk of losing hard-won ground due to the COVID-19 pandemic. In April 2020 alone, over half of the jobs lost in the U.S. belonged to women, and women’s unemployment rate jumped from 3.1% in February to 15% in April, compared to the 13% unemployment rate among men.
5. Women are earning bachelor’s degrees at a faster rate than men.
6. Women hold nearly two-thirds of the student debt in the U.S.
7. 76% of women aged 25–54 were in the workforce as of August 2019, which is the highest level of participation the U.S. has seen since 2002.
8. Women hold 37% of first/mid-level managerial positions at S&P 500 companies. Yet it’s important to note they hold just 27% of executive/senior-level positions and only 21% of board seats. Fewer than 6% of CEOs at these companies are women.
9. 44% of women with a private net worth of $100,000+ are self-made.
10. The number of women-owned businesses has grown by 58% since 2007.
11. Over one-third of women say they’ve asked for a raise, and 74% say they received what they asked for.
12. The fact that 21 states now mandate a financial education class in high school may have had an impact on younger women; however, our study showed only 3% of women under 35 cited schools as being most influential to their knowledge of finances.
13. Older women are much less likely to cite financial literacy programs at work and school or through immediate/extended family as to how they learned about finances than younger women. Instead, they cite their ongoing curiosity and learning (37%) and conversations with a financial advisor or specialist (46%) at higher rates.
14. Millennial women are twice as likely (35%) as older women (15%) to say they enjoy spending time with their finances.
15. While 64% of women under 35 use personal finance or budgeting apps, only 30% of women over 35 do so.
16. Men and women alike are turning to online tools to make managing their finances easier, and the biggest differences can be found among generational lines. Millennial men engage similarly to millennial women, and boomer men engage similarly to boomer women.
17. For 74% of men and 59% of women financial security is the ‘main motivator’.
18. Women are more concerned about having enough money for retirement, with 43% stating this as their top concern versus 33% of men.
19.  Several more differences between women’s and men’s motivations for building wealth also illustrate that men put less of a priority on financial security than women:
20.  Women are less likely than men to be concerned about leaving a legacy. 
21. Women don’t worry as much as men do about building social status through wealth.
22.  Relative to men, women are less concerned about building wealth in order to buy the things they really want.
23.  Women don’t cite early retirement as a key motivator for building wealth as often as men.
24. The use of financial advisors is nearly the same between women (70%) and men (72%) in the demographic surveyed.
25. About a third of women have been working with their current financial advisor for over 10 years versus a quarter of men who can say the same.

Only when the dialogue around wealth gets real will financial empowerment become a lasting norm, not just a headline. And when it becomes a lasting norm, we’ll have finally moved beyond the engagement gap that has existed for generations.

Questions : 

1) Which of the following field is still dominated by women?

1. Life sciences
2. Technology
3. Education
4. Psychology

2) Expectations around marriage with the median age of marriage for women is____ in 2019.

1. 28
2. 20
3. 25
4. 32

3) Women earn ____ % of what men earn today.

1. 74
2. 85
3. 63
4. 91

4) Who became more unemployed during the Covid-19 pandemic?

1. Women
2. Men
3. Both men and women lost their job at an equal rate
4. No jobs were lost due to the pandemic

5) Women hold nearly ___ of the student debt in the U.S.

1. 1/3
2. 2/3
3. ½
4. ¾

6) ___% of women aged 25–54 were in the workforce as of August 2019?

1. 82
2. 43
3. 76
4. 59

7) ___women are twice as likely (35%) as older women (15%) to say they enjoy spending time with their finances.

1. GenZ
2. Boomer
3. Millennial
4. GenX

8) ___% of women under 35 use personal finance or budgeting apps.

1. 64
2. 56
3. 38
4. 72

9) Who makes more use of financial advisors?

1. Men
2. Women
3. Both use the same
4. None of the above

10) The number of women-owned businesses has grown ___% since 2007.

1. 58
2. 62
3. 43
4. 70

11) ___% of women with a private net worth of $100,000+ are self-made.

1. 52
2. 44
3. 60
4. 38

12) ___ % of CEOs at companies are women.

1. 20
2. 12
3. 32
4. 6

13) The report was made by?

1. Standard chartered
2. Global markets
3. US Bancorp
4. Synchrony

14) What is the title of the study report?

1. Achieving financial goals
2. Climbing the prosperity ladder
3. Women and wealth
4. Economic growth

15) What kind of service is provided by US Bancorp?

1. Auditing
2. Human resource
3. Banking and financial services
4. Investment policies

 16) When was this survey conducted?

1. 2020
2. 2017
3. 2018
4. 2019

17) Who did the survey?

1. Scorpio partnership
2. Funds Europe
3. Societe generale
4. Synchrony

18) How many participants were involved in the survey?

1. 3000
2. 5000
3. 2500
4. 6320

19) Where were the respondents from?

1. US
2. China
3. Asia
4. Europe

20) Only ____% of women over 35 use personal finance or budgeting apps.

1. 6
2. 30
3. 25
4. 41