Women play critical decision-making roles in household financial management, according to new global research by RBC Wealth Management that looked at families with investable assets exceeding $4 million.
Over the coming years, an estimated $3.2 trillion will transfer to the next generation in the United States. Women, for a variety of factors including longer life expectancy, will be the recipients of the majority of this wealth, the survey found.
Here are some additional key findings:
- The majority of women (98 percent) said they are sole or joint decision-makers for daily banking
- Most (84 percent) are fully or partially responsible for the family investment portfolio
- Also, 92 percent of women are educating, or intend to start educating, the next generation on wealth and money
But despite their rising influence on family wealth, most high-net-worth women are not prepared to either give or receive this money.
- Of those surveyed, only 22 percent of women said they have a full wealth transfer strategy in place, compared to 30 percent of men.
“Women are becoming an economic powerhouse in the U.S.," said Angie O'Leary, head of Wealth Planning at RBC Wealth Management – U.S. “A growing number are moving into the corporate executive ranks while others are starting their own businesses. Couple that trend with the fact that women, on average, live longer than men, and you can see how women are both creating and controlling more wealth than ever before. It is important that they have wealth transfer discussions with their benefactors and have a solid wealth transfer plan in place."
To read the full survey, click here.
The report is produced by RBC Wealth Management, an affiliate of City National Bank, member FDIC. City National Bank (CNB) is an affiliate of RBC Wealth Management, a division of RBC Capital Markets, LLC, and an indirect wholly owned subsidiary of Royal Bank of Canada. The report is provided for informational purposes only and is not intended to be either a specific offer by CNB to sell or provide, or a specific invitation to apply for, any particular financial account, product or service of RBC Wealth Management or CNB.
The information contained in the report is not intended, and should not be construed, as professional advice or opinion provided to the user, nor as a recommendation of any particular approach. This document is not intended to be an invitation to effect a securities transaction or an offer or solicitation for investment advice.
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