How Women Are Reshaping the Biggest Wealth Transfer in Modern History
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Here's your money briefing for Thursday, January 30th. I'm Mariana Aspuru for The Wall Street Journal. Baby boomer women are leading one of the biggest wealth transfers in modern history. And they're now deciding the fate of trillions of dollars.
We're really starting to see this shift where women who are in their 60s and 70s are finding themselves in control of their family's finances, whether it's due to divorce or the passing away of a spouse. And that's pretty significant because 50 years ago, this same generation of women weren't even allowed to open credit cards in their name or own their own homes.
Wall Street Journal personal finance reporter Oyin Adedoyin joins me to discuss how these women are managing their money after the break.
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More women over the age of 60 are now having the final word on their family finances and handling the money differently than their spouses. Wall Street Journal personal finance reporter Oyin Adedoyin joins me. Oyin, where is this shift coming from?
To get a sense of this shift, we have to look at the baby boomer generation, which is the wealthiest generation currently in the U.S. They have about $82 trillion. And now we're looking at their wives because demographically, women tend to outlive their husbands.
How are baby boomer women driving the current wealth transfer?
And a record number of Americans turned 65 this year. Odds are more of those are women compared to men. So we're really starting to see this shift where women who are in their 60s and 70s are finding themselves in control of their family's finances, whether it's due to divorce or the passing away of a spouse. And that's pretty significant because 50 years ago, this same generation of women weren't even allowed to open credit cards in their name or own their own home. Which is not that long ago. It's not that long ago at all. It was really kind of shocking when Catherine and I were reporting out the story and found that out. And so we really wanted to get a better sense of how these women are feeling coming into lots of wealth.
What are the women that you spoke to doing with their money?
Women tend to have more of an eye out for longevity, thinking about future health care costs. They don't want to be a burden on their families once they get older and may fall ill. Women are also switching financial advisors. Often when they come into this wealth, it's a bit of a shock. And maybe their husbands were the ones who were primarily taking control of planning out the family's finances and thinking about estate planning and things like that. So usually women are coming into this cold and immediately switching to a financial advisor who they feel more comfortable with or who is recommended to them. A lot of women are also choosing to invest this money as well as put it towards travel or other plans.
And what are those financial advisors saying about this? Well, I spoke to a financial advisor named Matt Cooley. He's the founder of an Idaho-based wealth management company called Inspire Wealth Partners.
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