Financial Professionals Play a Critical Role as Women Increasingly Take Control of Household Budgets

Lack of confidence in complex financial decisions is holding women back

Women have made tremendous strides in work, education and financial security over the past several decades – yet one critical hurdle remains: financial confidence. That's especially true when it comes to complex financial decisions like investing and retirement planning, according to data from Primerica's Financial Security Monitor™ (FSM™) survey.

While the FSM™ data found more than three–quarters of women feel confident in basic financial tasks like setting a monthly budget, just one–third feel secure in more complex matters, such as investing in stocks and bonds. This confidence gap persists despite research that shows women often outperform men in investment returns. With women expected to manage $30 trillion in personal wealth by 2030, this disparity also represents a significant opportunity for financial education and guidance, with financial professionals set to play a pivotal role.

"Access to financial education is vital for women to boost their confidence and achieve financial success – and to fully embrace their growing power in managing household finances,"" says Susan Carreon, a Senior National Sales Director in Riverside, California. "Financial professionals can not only provide the tools but also empower female clients to better understand their current financial situation and how it aligns with their future goals."

Financial Representatives Should be Relatable

For many women, a financial game plan is more than just numbers on a page – it's about trust and relationships. More than half of the women surveyed by Primerica said they are drawn to financial professionals who can relate to their background, personal experiences or life journey. The data highlights the importance of relationships— clients trust professionals who can genuinely connect with their unique circumstances.

"Women can be great financial representatives because they are intuitive and sensitive to clients' needs," says Frances Avrett, a Senior National Sales Director in Jefferson, Georgia, who joined Primerica in 1981. "They have lived experience managing household finances, and that makes them uniquely positioned to educate and guide families through their financial planning."

This relatability is especially important considering less than one-fifth of women currently work with a financial professional, according to Primerica's data. Many hesitate to seek advice because they feel they lack financial expertise, but the right expert could help with that.

"The role of financial professionals, especially women, is vital in empowering other women to define and reach their financial goals," Primerica CFO Tracy Tan said. "When women work with other women, it creates a more comfortable and relatable environment, making it easier to ask questions and seek guidance."

Women Play a Key Role in the Financial Services Industry

Despite their increasing role as financial decision-makers at home, women remain vastly underrepresented in the financial services industry. Currently, women make up just one-third of all personal financial advisors – a statistic that has remained stagnant for the past decade, according to the Bureau of Labor Statistics. This lack of representation not only affects women seeking financial advice but also creates fewer opportunities for mentorship and role modeling within the industry.

"To me, increasing female representation in the financial services industry has two-fold benefits: role modeling for younger women and bringing diverse perspectives to the table," says Tan. "When women see other women in the roles they aspire to, it makes having a financial game plan feel more accessible and achievable."

The financial services industry also offers unique opportunities for flexible work arrangements, a factor that appeals to many women – particularly those balancing careers, household responsibilities and caregiving. With women more likely to be the primary caregivers for both aging parents and young children, flexibility is not just a perk but a necessity.

"Financial services is one of the rare industries that really does provide a number of opportunities around flexible work arrangements," Carreon says. "The fact that I can work from home, part time or full time, really gives me the ability to take care of my family and take care of business at times that work for me."

As women continue to rise in both personal wealth and professional leadership, the need for tailored financial education has never been greater. The financial services industry must adapt to meet the needs of its female clients, not only by providing essential financial tools but also by fostering a more inclusive and representative workforce.

"Women are increasingly taking on the role of Household CFO, making key financial decisions for their families," Tan says. "The more we can support and empower women in this role, the better prepared they will be to secure their financial futures."

Connect with a licensed Primerica representative near you to learn more.