A new report examines women millionaires and their attitudes toward moneyConsidering work-life balance, wage inequality and prospects for their children to surpass their own wealth status
CHICAGO, IL–(Marketwired – June 20, 2017) – A new report from Spectrem Group, Successfully Growing Your Business with Wealthy Women, offers a comprehensive analysis of how wealthy women in America view their work, how they balance their career with family life, their views on gender wage disparity and on prospects for the next generation to amass similar or greater wealth in the future.
The report is based on surveys with women with a net worth of $1 million (not including primary residence) regarding their household finances, their investment knowledge, their personal work history and their investment intentions.
Among its key findings include:
- More than 70 percent of wealthy women work or have worked full-time, and among those, 74 percent continued to work even after having their first child. Another 25 percent went back to work when the family situation allowed them to do so. Almost none of the women who worked full-time gave up work entirely upon starting a family.
- Among those who worked full-time, 87 percent wanted to do so, regardless of economic necessity. Women who had children were more likely to “love to” work than those without children.
- Three-quarters (75 percent) of wealthy women believe there is a real wage disparity between men and women in the United States that is not based on ability, merit or experience. However, almost half believe people who leave a job to raise a family should not expect to have the same wages upon their return as do those employees who never leave the work force.
- Almost 80 percent of wealthy women report they are pleased with their work-life balance. Women who worked, took a break for family obligations, and then returned to work are more satisfied with their work-life balance than those who did not take a break.
- Very few wealthy women surveyed ranked the gender of their advisor as important, while most said the highest rated trait for them was “reputation based on referrals”.
Important Differences in Attitude
“This extensive study reveals important differences in the attitudes of wealthy women based on their age, their career decisions, their occupation and the number of children they had, among other factors,” said Spectrem President George H. Walper, Jr. “It underscores long-standing beliefs about the value of work-life balance and concerns over wage disparity, and the high value these women place on work. It also reveals widespread uneasiness about prospects for the next generation to achieve similar or greater economic success in the future.”
Additional information on Successfully Growing Your Business with Wealthy Women, as well as information about other Spectrem studies, can be found at Spectrem.com.
About Spectrem Group: Spectrem Group (www.spectrem.com) strategically analyzes its ongoing primary research with investors to assist financial providers and advisors in understanding the Voice of the Investor.