Majority of Women Now Serve as the Financial Decision-Makers in Their Households, New Study Shows
A growing number of women across the United States are stepping into the role of primary financial decision-maker in their households, according to the latest Women Money Power Study conducted by the Allianz Center for the Future of Retirement, part of Allianz Life Insurance Company of North America. The research highlights a significant cultural and economic shift: more women than ever now identify themselves as the “Chief Financial Officer” (CFO) of their household. This transformation reflects not only changing gender roles but also evolving financial dynamics shaped by economic pressures, generational attitudes, and long-term retirement concerns.
Women Increasingly Identify as the Household CFO
The study reveals that 53% of women now report serving as the CFO of their household. This marks a notable increase compared to previous years, rising from 41% in 2021 and 49% in 2023. The steady upward trend signals that financial leadership within families is increasingly becoming a shared or female-led responsibility. Rather than serving solely as contributors, women are more frequently taking full ownership of budgeting, investing, retirement planning, insurance decisions, and long-term financial strategy.
Generational differences further underscore this trend. Millennial women are leading the shift, with 63% identifying themselves as the CFO of their household. This compares with 46% of Gen X women and 45% of boomer women. The generational contrast suggests that younger women are more comfortable claiming financial authority and responsibility, possibly influenced by higher workforce participation, increased financial literacy, and evolving societal norms around gender roles.
Rising Responsibility Brings Rising Stress
While financial leadership can be empowering, it also brings heightened pressure. As more women assume financial control, many report feeling overwhelmed by the weight of that responsibility. According to the study, 52% of women say they have experienced increased general stress over the past two years. Economic uncertainty, inflation, and healthcare expenses are contributing significantly to this emotional strain.
Financial anxiety is not limited to daytime concerns. Many women report losing sleep due to financial worries. Among their top concerns, 36% fear that inflation will make it harder to achieve their financial goals. Close behind, 35% cite the rising costs of health insurance as a significant worry, and another 35% are concerned about running out of money during retirement. These concerns reflect broader economic realities, particularly in a climate marked by persistent inflation and escalating medical expenses.
Economic Challenges Intensify the Burden
Heidi Vanderkloot, head of FMO distribution at Allianz Life, notes that while stepping into the CFO role demonstrates progress, the timing presents unique challenges. Rising living costs, healthcare expenses, and economic volatility create an environment where even well-planned finances can feel uncertain. Vanderkloot emphasizes that although macroeconomic conditions are largely outside individual control, proactive financial planning and risk management strategies can help mitigate long-term risks.
The advice centers around building financial strategies that prioritize longevity, diversification, and protection. Incorporating tools designed to address market risk, healthcare costs, and income sustainability can help ensure that retirement savings last throughout a lifetime. This proactive approach can transform stress into structured action, helping women regain a sense of control over their financial future.
Financial Confidence Declines Despite Increased Leadership
Paradoxically, as more women take on financial leadership roles, overall financial confidence has declined. The study shows that only 63% of women now say they feel financially secure, down from 72% in 2021 and slightly below the 64% reported in 2023. The decline suggests that increased responsibility may also bring greater awareness of financial vulnerabilities.
Marital status significantly influences perceptions of security. Married women are most likely to report feeling financially secure, with 69% expressing confidence in their financial situation. However, single women are narrowing the gap, with 55% reporting financial security compared to 45% in 2023. Divorced and widowed women report lower levels of security, with only 47% in each group saying they feel financially secure.
Generationally, boomers exhibit the highest financial confidence, with 71% feeling secure. Millennials follow at 64%, while Gen X women report the lowest level of confidence at 53%. These generational patterns may reflect differences in accumulated wealth, retirement proximity, career stage, and exposure to economic disruptions such as the Great Recession and pandemic-related volatility.
Retirement Confidence Continues to Slide
Long-term financial planning, particularly retirement preparedness, remains an area of growing concern. Only 46% of women say they feel confident about their current retirement financial plans, down from 52% in 2023. The decline indicates increasing skepticism about whether existing savings and strategies will be sufficient in the face of longer life expectancies and rising living costs.
Marital status again plays a critical role. Married women are more confident in their retirement plans, with 53% expressing assurance, while widowed women report slightly higher confidence at 56%. In contrast, only 32% of single women and 34% of divorced women feel confident about their retirement readiness. These disparities highlight the financial vulnerabilities that can accompany single-income households or financial transitions following divorce or widowhood.
Fear of Outliving Savings Persists
Concerns about running out of money in retirement are widespread. Single women (62%) and divorced women (61%) are more likely to worry about depleting their savings compared to married women (52%) and widowed women (51%). The heightened concern among single and divorced women underscores the financial challenges associated with relying on one income or rebuilding financial stability after a major life event.
Generational differences appear again in retirement anxiety. Gen X women express the greatest concern, with 65% fearing they will run out of money in retirement. Millennials follow at 56%, while boomers report comparatively lower concern at 46%. For Gen X women, who are often balancing retirement savings with supporting children and aging parents, the financial squeeze may feel particularly acute.
Limited Engagement with Financial Professionals
Despite heightened stress and declining confidence, many women—particularly single women—are not seeking professional financial guidance. The study shows that only 15% of single women work with a financial professional. In contrast, 36% of married women, 33% of widowed women, and 29% of divorced women report working with a professional advisor.
The gap suggests a potential opportunity for greater outreach and education. Financial professionals can provide structured strategies, personalized retirement projections, and risk management solutions tailored to individual circumstances. Engaging with professional guidance can help women translate financial concerns into actionable plans, potentially improving both financial outcomes and emotional well-being.
The Power of Strategic Planning
Vanderkloot emphasizes that financial confidence often stems from clarity and preparation. Many women may feel uncertain because they lack a comprehensive financial strategy that clearly outlines their goals and the steps required to achieve them. Establishing such a roadmap can significantly enhance confidence. A well-designed plan typically addresses income protection, retirement savings, healthcare planning, and legacy considerations.
Risk management plays a central role in long-term financial sustainability. Strategies may include diversifying investments, incorporating insurance products that provide guaranteed income streams, and planning for potential long-term care costs. By focusing on controllable factors, women can create financial resilience even amid unpredictable economic conditions.
Broader Social and Economic Implications
The increasing number of women serving as household CFOs represents more than a statistical trend; it signals a broader cultural transformation. Women are taking on leadership roles not only in corporate settings but also in personal financial management. As their financial influence grows, so does their impact on investment decisions, retirement strategies, and intergenerational wealth planning.
This shift may also drive changes in the financial services industry. Institutions may need to tailor communication, products, and advisory models to better address women’s unique financial journeys. Factors such as longer life expectancy, career interruptions, wage gaps, and caregiving responsibilities require nuanced financial solutions.
Survey Methodology and Research Scope
The Women Money Power Study was conducted online in September 2025 by the Allianz Center for the Future of Retirement. The survey included a nationally representative sample of 900 women between the ages of 25 and 75, each with an annual household income of at least $30,000. The research aims to provide insights into women’s financial attitudes, behaviors, and concerns, helping inform both consumers and financial professionals.
The Allianz Center for the Future of Retirement produces research and insights as part of Allianz Life Insurance Company of North America. While Allianz Life contributes to retirement research and product development, it does not provide financial planning services directly.
About Allianz Life Insurance Company of North America
Allianz Life Insurance Company of North America (Allianz Life), one of the Ethisphere World’s Most Ethical Companies®, has been trusted since 1896 to help millions of Americans prepare for financial uncertainties and retirement with a variety of innovative risk management solutions. In 2024, Allianz Life provided additional value to its policyholders via distributions of more than $18.6 billion. Allianz Life is a leading provider of fixed index annuities, registered index-linked annuities, and indexed universal life insurance. Additionally, Allianz Investment Management LLC (AllianzIM), a registered investment adviser and wholly owned subsidiary of Allianz Life, offers a suite of exchange-traded funds (ETFs). Allianz Life and AllianzIM are part of Allianz SE, a global leader in the financial services industry with more than 157,000 employees in nearly 70 countries. Allianz Life is a proud sponsor of Allianz Field® in St. Paul, Minnesota, home of Major League Soccer’s Minnesota United.
