Affluent Women And Their Cash Concerns

   By drodriguez  Apr 22, 2010

We’ve all seen it portrayed on TV or in the movies, but it may be time to throw out the old stereotype that affluent women sit around spending their husband’s money without a care in the world.  A survey recently released by Merrill Lynch Wealth Managment shows that wealthy women often worry more about finances than their male partners.  The survey was given to 1,000 people with investible assets of more that $250,000 and the results were unexpected.

The Wall Street Journal reports about the survey in a recent article.  The survey reveals that 56 percent of wealthy women are worried about the impact of the economy on their financial goals, while only 42 percent of men reported feeling worried.

Another economic concern these women have that greatly outpaces men is the rising cost of health care.  Roughly 70 percent of women are worried about this issue while only 54 percent of men claim to show concern.  Head of retirement and philanthropic services for Bank of America, Andy Sieg, explains the findings regarding women’s financial worries.  Sieg says, "From our perspective, this data are an indication that women’s role in affluent households is broader and more comprehensive in terms of topics they’re dealing with."

So, why are wealthy men not just as worried about their finances as their wives appear to be?  One theory is that women simply live longer than men, making it more practical for them to have these types of concerns.  If this is the case, women are probably worried about making their money last longer, stretching the dollar for as long after retirement as possible.

What do you think of the survey revealing affluent women are more concerned about their finances than wealthy men?

Why do you think wealthy women are more worried than men about their finances?

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mommaduck by mommaduck | SAINT CHARLES, MO
May 22, 2010

Well first, women are smarter so that is why we worry about money more. I dont think that women think about them living more than men, i can see that a majority of women are probably the ones that pay the bills so we are more aware of the financial situation and we pay attention to are surrounds.

VKathryn by VKathryn | San Diego, CA
May 07, 2010

This is so true, out of the two of us, I worry significantly more about finances than my boyfriend does. He makes about double what I make in a year, so I think this has an effect on the pattern. I would characterize my financial concerns as an everyday awareness of spending vs saving. I would characterize his financial concerns as a twice a month period of heightened awareness, usually when he realizes his account balances are dipping!

MyEmptyCanvas by MyEmptyCanvas | KOSCIUSKO, MS
Apr 30, 2010

Women just seem to be more concerned about the future than men on most things.

cybrown551 by cybrown551 | HOOKSETT, NH
Apr 28, 2010

Because just as stated, women live longer than men and they need their money to last longer. And in my opinion women have the need to help their children achieve by supporting their grandkids and extended family. Women I don't believe invest in stocks and bonds the way men were which would allow them more long-term wealth.

MadHatter by MadHatter | Whitestone , NY
Apr 28, 2010

i think it goes both ways, though i am not married, i share financial woe's with my boyfriend a lot of times. he worries about me shopping, and i worry about him trying to buy the newest electronics that hits the market. he is the type that likes to have things in his hands "now now now" while i am the one who likes to wait till its on sale.

rikkiroo by rikkiroo | OREM, UT
Apr 28, 2010

Wow! This is interesting.

basilandcatnip by basilandcatnip | GARLAND, TX
Apr 25, 2010

Women usually do live longer, make less for the same job over their career then men, start feeling the crunch earlier with the looks/age effectiving the longevity of their career. Women are the ones who usually take off for pregnancy and child care, impacting how much they are paying into their retirement. Also women are usually the caretaker if divorce occurs. We have more expenses related to our career, hair clothes, other grooming. And many times it is not until later in our careers that we learn good boundries, find our voice, apply self care, and it's difficult to learn the laws and rules to make the best investment decisions, once you do learn them you want to make sure to apply it, it can be fun and give a sense of freedom. Women also tend to give back, being a good steward of money allows a person to be in a position to do this.

msfriendly by msfriendly | MONROE, WI
Apr 22, 2010

I think women in general are more detail oriented so this makes sense.

Gwenlane74 by Gwenlane74 | wakeman, OH
Apr 22, 2010

Women are more responsible and are the ones who think ahead. We need to be able to take care of ourselves and family incase something were to happen.