Do you think there has been an evolution when it comes to managing household finances?
I definitely believe that there has been an evolution of the household ‘CFO.’ I manage most of the finances in our household, but I am helping my husband learn his way around as well. All of my friends are in similar situations: it’s the woman who manages the household finances, and they are all the breadwinners, too.
This is common in most other households, as well – usually there is only one person who manages the finances, and that can be a huge disaster. Everyone should know what’s going on and have an equal part.
Yet, the majority of relationships and households just have one household finance manager role instead of everyone playing a part.
Financial decisions are definitely becoming easier – 78% of Millennial women agree they’re able to able to make good financial decisions that are new to them, compared to 71% of Gen X and 67% of Boomer women.
This is such a great financial statistic to hear, as I would love for that to one day be as close to 100% as it can be!
With my future children, I plan on teaching them as much as I can about money. My parents did not discuss money with me often, but I do know that every bit of financial information they did share helped me become financially successful.
Recently, I had the chance to check out the Chase Generational Money Talks Study.
The findings revealed that working women have become breadwinners and household CFOs – Nearly all of my friends who are female manage the money in their marriages and relationships so this doesn’t come as a surprise to me, but I’m sure this is different from older generations?
Another interesting statistic from this study is that younger women are more open to investing and learning about money – 71% of Millennial women agree they’re able to recognize a good financial investment, compared to 59% of Gen X and 55% of Boomer women.
There were two other interesting statistics that were found through the Chase Generational Money Talks Study, such as:
- 67% of Millennial women agree they’re comfortable investing in various products that provide long term returns, compared to 57% of Gen X and 53% of Boomer women
- 71% of Millennials claim to be the person responsible for financial decisions vs. 53% Boomers. This is interesting and I’m not sure if I understand why there would be such a big discrepancy with this one. Who else would be responsible?
More and more people are obviously talking about money in public and at home.
However, let’s not let that stop. I believe that if people are more open about money, then more financial problems could be solved because people would be more open about their experiences, what they’re going through, what has solved financial situations, and what has made financial situations worse.
This is why I always recommend that families have family budget meetings.
Do you talk about money in your household? Why or why not?