Equitable Study Reveals that Relationship Status Influences Financial Behaviors and Mindsets for Women
07 December 2023 - 1:00AM
Business Wire
Women working with financial professionals are
twice as likely to feel financially secure
Equitable, a leading financial services organization and
principal franchise of Equitable Holdings, Inc. (NYSE: EQH), today
released a study that shows how changes in relationships can impact
financial behaviors and mindsets for women.
The new study, “Women, Money and Relationships,” surveyed more
than 1,200 U.S. women to better understand and measure their
attitudes and behaviors when engaging with finances. Conducted by
an independent research firm for Equitable, the study focuses on a
representative cross-section of American women ages 18 to 77,
exploring how they manage their finances through the lens of being
single, married/partnered, divorced or widowed.
“As someone who has been married, widowed and now newly engaged,
I understand firsthand how our relationship status can influence
the way we think about finances,” said Connie Weaver, Equitable’s
Chief Marketing Officer. “It’s important to understand how — and
why — women’s attitudes and behaviors toward their finances change
during all life stages. Life changes can be joyful and also
challenging. It is critical that women have a plan, feel empowered
and take control of their financial well-being.”
Key findings from Equitable’s study include:
- Different life events drive increased financial
engagement — For single women, increases in their income is the
number one life event that encourages them to become more involved
in their finances. Married women cite becoming more involved
gradually over time. Among divorced and widowed women, the end of
their marriage and death of their spouse, respectively, are the
most common reasons they became more engaged with their finances.
Further, more than half of divorced (52%) and widowed (56%) women
surveyed express regret for not being more involved in financial
decision making before their marital status changed.
- Women overall wish they had paid more attention to their
finances earlier — Regardless of relationship status, the
majority of women surveyed regret not paying more attention to
financial matters earlier in their life. This sentiment is
strongest among divorced (70%) and widowed (67%) women compared to
married (64%) and single (63%) women. Compounding this concern,
many women also feel less confident about investing and retirement
planning after a change in their relationship status. In
particular, four in 10 widowed women say they feel less confident
handling investing (45%) and retirement planning (43%) decisions
following the death of their spouse. Also, three in 10 divorced
women say they are less confident about handling investing (32%)
and retirement planning (31%) decisions after their marriage
ended.
- Women’s relationship status impacts their financial
focus — While having enough money to cover unexpected expenses
is a top financial goal across the board, single, divorced and
widowed women also list other short-term financial needs, such as
being able to pay their monthly bills, among their top financial
priorities. In comparison, married women surveyed are most likely
to report that their financial focus also includes longer-term
priorities such as being able to retire comfortably and having
enough money to travel.
- Changes in relationships impact financial confidence, but
often lead to professional support — Married women (42%) are
the most confident in their ability to reach their financial goals
compared to single (37%), divorced (35%) and widowed (29%) women.
However, if a relationship ends, this feeling often changes. The
study revealed that more than six in 10 widowed women (61%) feel
further away from achieving their financial goals after the death
of their spouse. Importantly, a change in relationship status is
often a catalyst for women to seek help from a financial
professional. One in four divorced women (26%) started working with
a financial professional after their marriage ended. Further, 29%
of widowed women started working with a financial professional
after the loss of their spouse.
Positive outcomes for women working with a financial
professional
The study found that women who work with a financial
professional, regardless of relationship status, report
improvements in their financial well-being. Nearly all women who
work with a financial professional are saving for retirement (92%),
and almost three in four (72%) have a written financial plan. In
contrast, among women not working with a financial professional,
only 64% are saving for retirement and a mere 16% have a written
financial plan. Additionally, women working with a financial
professional are more than twice as likely to feel they are
financially secure and saving enough compared to women who do not
work with one.
However, despite the benefits of working with a financial
professional and regardless of relationship status, only one in
five women overall (20%) engage with a financial professional. This
provides an opportunity for more women to actively take charge of
their financial future and develop a plan by working with a trusted
financial professional who can help guide them through all stages
of their life.
“Our financial wellness includes much more than our risk
tolerance and what is in our savings accounts. It’s the total of
all aspects of our lives, including our relationship status,” said
Jody D’Agostini, CFP®, CDFA™, RICP, a financial professional with
Equitable Advisors. “This study underscores the importance of
understanding and leaning into the differences in attitudes and
behaviors across varying life events. We want women to feel
confident about their financial futures, and that includes
preparing for what sometimes might be the unexpected as they
navigate their financial journey.”
About the study
The “Women, Money and Relationships” study was commissioned by
Equitable and conducted by Zeldis Research Associates from June
2023 – July 2023 among 1,702 respondents. The sample includes 1,202
women from the main sample, 200 from an oversample of divorced and
widowed women, and 500 men. Quotas were used to capture responses
based on relationship status and across generations representative
of the census data for U.S. adults (adult Gen Zs, ages 18-26, 16%;
millennials, ages 27-42, 30%; Gen Xers, ages 43-58, 26%; Baby
Boomers, ages 59-77, 28%). Additional samples of widows and
divorced women were collected and included only in those subgroups
(not included in the total). The study, in total, has an error
margin of +/-3–6% at the 95% confidence level interval (i.e., 95
out of 100 times that this study is repeated, the scores will fall
within +/-3–6%). The sample was sourced from online panels.
About Equitable
Equitable, a principal franchise of Equitable Holdings, Inc.
(NYSE: EQH), has been one of America’s leading financial services
providers since 1859. With the mission to help clients secure their
financial well-being, Equitable provides advice, protection and
retirement strategies to individuals, families and small
businesses. Equitable has more than 8,000 employees and Equitable
Advisors financial professionals and serves 2.8 million clients
across the country. Please visit equitable.com for more
information.
Reference to the 1859 founding applies specifically and
exclusively to Equitable Financial Life Insurance Company
(Equitable Financial) (NY, NY).
Duly registered and licensed Equitable Advisors Financial
Professionals offer securities through Equitable Advisors, LLC (NY,
NY 212-314-4600), member FINRA, SIPC (Equitable Financial Advisors
in MI & TN), offer investment advisory products and services
through Equitable Advisors, LLC, an SEC-registered investment
advisor, and offer annuities and insurance through Equitable
Network, LLC (Equitable Network Insurance Agency of California,
LLC; Equitable Network Insurance Agency of Utah, LLC; Equitable
Network of Puerto Rico, Inc.) GE-6126135.1 (11/23) (exp.11/25).
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Media Cassandra Osei (212) 314.2032
mediarelations@equitable.com
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