A new study by Wells Fargo found that millennial and Gen X women are increasingly becoming the primary breadwinner in their household at nearly one-third (32%) compared to baby-boomer generations and traditionalists (20%). Additionally, half of millennial and Gen X women indicated they lead and manage the household finances. In this study, Wells Fargo received feedback from many young women that there is a need for a shift in how financial advisors work with them and what to focus on. While most of the women are eager to learn more financial skills from an advisor, millennials and Gen Xers also reported a preference to review all aspects of their lives with their advisors, including finances, work, health, and family structure in order to more effectively create a context for appropriate financial advice. Further, young women have prioritized their financial education so they can instill these insights in their children for future financial success. There are several implications that arise with this shift in family dynamics, including the rise of young, female entrepreneurs like Cortney Fletcher. This trend calls for ever evolving and expanding societal norms in the face of previously established stigmas about gender roles.
Source: The Enterprise