Majority of Women Now Are the Chief Financial Officer of Their Household, Allianz Life Study Finds

Yet, fewer women say they feel confident about their current retirement financial plans.

KEY FINDINGS AMONG WOMEN:

• 53% are the CFO of their household
• 63% feel secure financially
• 46% feel confident about their current retirement financial plans

MINNEAPOLIS--(BUSINESS WIRE)--The majority of women now report being the Chief Financial Officer in their household, according to the latest Women Money Power Study* from the Allianz Center for the Future of Retirement, part of Allianz Life Insurance Company of North America (Allianz Life).

More than half of women (53%) now say that they are the CFO of their household. This is up from 41% in 2021 and 49% in 2023, the last time this study was conducted. Millennial women (63%) are more likely than Gen X (46%) or boomer (45%) women to consider themselves the CFO of their household.

As many take on more financial responsibility, most women (52%) say they are feeling more stressed in general in the last two years. And many women are losing sleep with financial worries keeping them up at night. Their top concerns include inflation will make it harder for me to reach financial goals (36%), the rising costs of health insurance (35%), and running out of money in retirement (35%).

“As more women take on the role of Chief Financial Officer for their households, the increased responsibility can feel overwhelming, especially with current economic challenges, such as the rising cost of living and healthcare costs,” says Heidi Vanderkloot, head of FMO distribution, Allianz Life. “While the economic factors are out of your control, you can take control and address the risk to your long-term financial outlook by incorporating risk management strategies to ensure your money lasts your lifetime.”

Declining financial confidence

Despite the rise in responsibility, only 63% of women say they feel secure financially – down from 72% in 2021 and 64% in 2023. While married women are the most likely to say that they feel financially secure (69%), single women are starting to close the gap. More than half 55% of single women say they feel secure financially, up from 45% in 2023. Just 47% of divorced women and 47% of widowed women say the same. Boomers (71%) are more likely than millennials (64%) or Gen X (53%) to say they feel financially secure.

This declining confidence extends to long-term financial goals like retirement. Fewer women say they feel confident about their current retirement financial plans (46%) than in 2023 (52%). Women who are single (32%) or divorced (34%) are less likely to feel confident than women who are married (53%) or widowed (56%). It follows that women who are single (62%) or divorced (61%) worry more about running out of money in retirement than married (52%) or widowed (51%) women. Gen Xers (65%) are more likely to worry about running out of money in retirement than millennials (56%) or boomers (46%).

At the same time, single women are least likely to work with a financial professional (15%) compared to women who are married (36%), widowed (33%) or divorced (29%).

“The guidance of a financial professional can make a pivotal difference in your financial confidence,” says Vanderkloot. “Many may feel a lack of confidence because they haven’t created a financial strategy that outlines their financial goals and the steps to achieve them. With the right support and financial strategies in place, women can more confidently navigate financial challenges and secure their futures.”

* Allianz Center for the Future of Retirement conducted an online survey, the Women Money Power Study in September 2025 with a nationally representative sample of 900 women age 25-75 with an annual household income of $30k+.

The Allianz Center for the Future of Retirement produces insights and research as a part of Allianz Life Insurance Company of North America.

Allianz Life Insurance Company of North America does not provide financial planning services.

About Allianz Life Insurance Company of North America

Allianz Life Insurance Company of North America (Allianz Life), one of the Ethisphere World’s Most Ethical Companies®, has been trusted since 1896 to help millions of Americans prepare for financial uncertainties and retirement with a variety of innovative risk management solutions. In 2024, Allianz Life provided additional value to its policyholders via distributions of more than $18.6 billion. Allianz Life is a leading provider of fixed index annuities, registered index-linked annuities, and indexed universal life insurance. Additionally, Allianz Investment Management LLC (AllianzIM), a registered investment adviser and wholly owned subsidiary of Allianz Life, offers a suite of exchange-traded funds (ETFs). Allianz Life and AllianzIM are part of Allianz SE, a global leader in the financial services industry with more than 157,000 employees in nearly 70 countries. Allianz Life is a proud sponsor of Allianz Field® in St. Paul, Minnesota, home of Major League Soccer’s Minnesota United.