A majority of wealthy women worked to get where they are financially, and most of them believe strongly that their decision to work full-time was the correct one for their life.
The world has changed for working women in America. Not only is it seen as appropriate for women to work, it is no longer surprising that women are succeeding financially. Just as there are more wealthy people in America today, there are more wealthy women, and many of them reached their financial level through their own efforts in corporate America.
However, successful women still face often unasked questions or unintended discrimination over the issues about either eventually having a family or dealing with the family they currently have. To those questions, most wealthy women answer “I’m fine with it.”
Spectrem’s new research study, Successfully Growing Your Business with Wealthy Women, looks at women with a net worth over $1 million to determine what factors and pressures they face and the financial and investment decisions they make.
“This extensive study indicates that there are differences in the lives 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’s value comes not only from confirming long-standing beliefs about the importance of work-life balance and concerns over wage disparity but because of a new set of information about how much their working life means to them.”
The study went to great lengths to consider the questions working women face about the need to work. Almost 60 percent of wealthy women (both those currently working and those retired) worked full-time as an economic necessity but also did so because they wanted to be in the workforce. There were also 28 percent of women who did not need to work due to economic necessity but chose to do so of their own accord.
However, there appears to be a growing trend toward women working because they must, not because they want to. While only 10 percent of retired wealthy women said they did not want to work full-time but had to, 21 percent of those wealthy women still working are doing so out of necessity and not out of personal choice.
It is also true that women in the working world are required to make decisions about continuing their career when they start a family. It is a question that is dealt with either before the first child is born or after, but the pressure to stay at home often falls upon the mother.
Seventy-four percent of the wealthy women in the study worked even after starting a family. Just under one-quarter went back to work after raising their family, and almost none of them never went back to work after starting a family.
According to Successfully Growing Your Business with Wealthy Women, 78 percent of the women are satisfied with the work-life balance they experienced. Twenty-one percent wished they had dedicated more time to family than to work.
And what about the women who did not work full-time? The research shows that 91 percent of homemakers were satisfied with their work-life balance.
Top Takeaways for Advisors
The value of the Spectrem study is that wealthy women had many considerations in their work life that complicate their decision-making. Much of the report examines the choices women made in their wealth creation, and those decisions can directly influence the type of investor they are. Advisors can garner a great deal of valuable insights into their wealthy female clients by determining what their work background is or was and whether it was their intention to work or the work was forced unto them by the needs of their family.
©2017 Spectrem Group