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There is no better time to be a young, rich woman than right now, CNN Money reports. Wealthy female Millennials are more likely to earn as much, if not more, than their male partners in comparison to previous generations.
In a new report, the U.S. Trust surveyed high net worth individuals, men and women with more than $3 million in investable assets. Investigators found that 30 percent of wealthy Millennial women were the primary breadwinners of the household. The study also found that another 21 percent women earned the same salary as their husbands. Comparing this figure to previous generations, Millennials are winning.
Just 15 percent of Generation X women, those born between 1964 and 1980, made more than their husbands. Eleven percent of Baby Boomers, born between 1946 and 1964, earned more than their male partners. And for women over the age of 70, just four percent reeled in more wealth than their husbands.
But that’s not all. Millennial women are now taking the reigns from their husbands when it comes to making financial decisions. Thirty-one percent of young, rich women are the primary decision makers in the household while 28 percent of high net worth men take the same role. CNN Money calls it “a major generational shift.”
Compare that 31 percent of female financial leaders to just 11 percent of Gen X women, nine percent of Baby Boomers, and one percent of “mature” ladies.
Because today’s wealthy young women are earning more than previous generations, they are more interested in planning and investing wealth. This, in turn, translates to the higher rate of women becoming the financial decision maker.
“We tell our employees that if you have clients who are married couples and you’re primarily talking to the husband, you have to change that,” said Chris Heilmann, chief fiduciary executive at the bank.
And here’s another surprise: Millennial men are taking far more responsibilities in child care than previous generations. Nearly a quarter of the high net worth males said they are the primary caretakers of their children. Just seven percent of Gen X, three percent of Baby Boomers, and four percent of mature men said the same.
The report is based on a national survey of 640 high net worth adults, 16 percent of whom identified as Millennials.
