| Over the next few decades, significant wealth from one generation to the next will transfer, with an unprecedented amount residing in the hands of women. Because women live approximately seven years longer than men, how women handle these decisions around wealth will greatly impact how this wealth is viewed, used and transferred (U.S. Census Bureau, 2000). Although comprising 46.3% of wealth holders (IRS, 2005), little is known about women's attitudes, practices and intentions when it comes to their wealth. Interested in women's complex relationship to wealth, the researcher, a woman inheritor and executive in a multi-family office, is personally connected to this topic.;Affluent women (N=555) were invited to take an online survey addressing their interest, knowledge, attitudes and involvement with wealth management in their families. At its conclusion, participants were invited to participate in a phone interview and/or an online focus group, which informed women's experience of handling wealth from a feminine perspective. In total, 115 participated, 12 were interviewed and 6 participated in the focus group.;Although the literature centers around women inheritors, this study provided new insights to women's relationship to wealth. Most participants (N=79) indicated that some wealth was inherited and 84% (N=97) had a Bachelor's degree with 53% (N=61) currently employed. Noting obstacles to handling their wealth including low confidence, lack of knowledge and reliance on a spouse, women also see opportunities including acquiring financial education for themselves (N=99), supporting family members financially with their educations (N=92), and raising financially independent children (N=109). Most women (N=80) intend on being equitable with heirs, a departure from primogeniture and giving (N=89) approximately 20% to philanthropy upon death.;Despite historic challenges to handling wealth, women feel more empowered, in control and interested in managing their wealth than in earlier studies (Bronfman, 1987; Burka, 1985; Frankfort, 2003; Hausner, 1990; Hughes, 2004). Communication and education are vital practices to successfully managing family wealth, a point of difference from prior research (Blouin & Gibson, 1995; Bronfman, 1987). Preparing and mentoring heirs, communicating wealth transfer intentions, along with acquiring financial education and long-term planning were important activities to sustaining wealth across generations. |
