Caregiving Responsibilities Leave Half of American Women Lacking Confidence in their Ability to Save for the Future, Edward Jones Research Reveals

Two-thirds of American women view themselves as the “Chief Financial Officer” of their family and say a financial professional would help them prepare for the unexpected

ST. LOUIS, September 16, 2024 — Half (48%) of American women in what’s known as the “sandwich generation,” or people who are caring for both children and parents or relatives, report feeling under financial strain according to new research from Edward Jones, in partnership with NEXT360 and Morning Consult.

The research set out to explore women’s roles in their families and their finances, and the challenges that come from balancing both.

Nearly two-thirds of women (64%) in the sandwich generation report that caregiving duties have negatively impacted their ability to save for their financial goals. In addition, more than half (57%) of women have had to take on fewer professional responsibilities due to caregiving, resulting in a loss of potential income. Findings also showed the caregiving burden can impact women's personal health and sense of purpose.

“While many women want the choice and ability to have careers, be caregivers and be the CFO of their families, balancing the responsibilities of health, family, purpose, and finances have significant trade-offs,” said Vanessa Okwuraiwe, Principal at Edward Jones. “Women can often bear the brunt of those responsibilities, including caring for loved ones, as half of all households in the U.S.¹ are now headed by women.”

In the study, almost half (46%) of women in the sandwich generation report being the sole caregiver for their children while 54% say the same for parents or relatives. Additionally, more than half (56%) say they feel like they do not have enough savings to support those for whom they are the primary caregiver. As such, over the next five years, women in the sandwich generation note they remain focused on saving and prioritizing long-term expenses such as caregiving (75%), child education (72%) and healthcare (81%).

While women report they are responsible for eighty-five percent of household spending decisions², far fewer women report the same for investment decisions. The research showed less than half (42%) have sole responsibility for investments in their households, and a quarter (26%) share that responsibility. Women cited the many demands they juggle daily as the cause for not stepping into the ‘investment manager’ role, with nearly two-thirds saying if they had more time (65%) with fewer caregiving responsibilities, and the help of a financial advisor (51%), they’d be more confident in planning for their financial future.

“Working with a financial professional can help women set their short- and long-term financial goals with a clear path to achieve them," said Mona Mahajan, Principal and Senior Investment Strategist at Edward Jones. "Women want a financial professional who gets them, guides them, and can make things easier. In fact, half of the women we spoke with said they believed working with a financial professional would help boost their financial confidence."

The top qualities women reported looking for in a financial professional are someone who understands their financial goals and priorities (64%), is transparent about fees and charges (58%), and has experience in financial markets (57%).

To learn more about this research, please visit www.edwardjones.com/womeninvestors.

Methodology

Edward Jones, in partnership with Morning Consult and NEXT360 Partners, LLC, conducted a mixed-methods study combining a nationwide online survey (fielded between June 18 – June 26, 2024) executed by Morning Consult (among a U.S. national sample of 5,998 adults reflecting the demographic profile of the United States) combined with interviews and discussion groups with 43 women between the ages of 25 and 71 conducted in June 2024 (interviews) and July 2024 (discussion groups).

About Edward Jones

Edward Jones is a leading financial services firm in the U.S. and through its affiliate in Canada. The firm's more than 19,500 financial advisors throughout North America serve more than 8 million clients with a total of $2.1 trillion in client assets under care as of June 28, 2024. Edward Jones' purpose is to partner for positive impact to improve the lives of its clients and colleagues, and together, better our communities and society. Through the dedication of the firm's approximately 54,000 associates and our branch presence in 68% of U.S. counties and most Canadian provinces and territories, the firm is committed to helping more people achieve financially what is most important to them. The Edward Jones website is at www.edwardjones.com, and its recruiting website is www.careers.edwardjones.com. Member SIPC.

About Morning Consult

Morning Consult is a global decision intelligence company changing how modern leaders make smarter, faster, better decisions. The company pairs its proprietary high-frequency data with applied artificial intelligence to better inform decisions on what people think and how they will act. Learn more at morningconsult.com.

About NEXT360

NEXT360 Partners, LLC is a global action research and strategy consultancy delivering expert perspective on demographic, cultural, policy, and technological change. In partnership with its clients, NEXT360 conducts custom research empowering leaders in business and government to discover new market opportunities, develop winning strategies, and to deliver results. Learn more about what’s your NEXT at https://next360partners.com.