Citizens Survey: ‘Great Wealth Transfer’ Presents New Era of Financial Opportunity for Women

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03/05/2025 - 09:01 AM

Second annual survey underscores the critical need for professional financial guidance to manage trillions of dollars in assets

PROVIDENCE, R.I.--(BUSINESS WIRE)-- As the ‘Great Wealth Transfer’ accelerates, complex gender divides surrounding wealth are becoming more pronounced than ever. In anticipation of this historic wealth distribution, where Baby Boomers are expected to pass down $124 trillion in assets to heirs by 2048*, a new survey from Citizens found women report a lack of confidence and proactiveness when it comes to financial planning. Considering that women are expected to control a staggering $34 trillion in investable assets in the U.S. by 2030**, there is a crucial need to empower women, provide essential resources and foster deep engagement in building their financial futures.

“The Great Wealth Transfer is a pivotal opportunity for financial gender parity, although the road ahead is not without its challenges. Our survey shows an overwhelming majority of women report a lack of confidence in their ability to manage money from an inheritance, underscoring a critical gap that can have long-term implications on women's financial security,” said Tina Hurley, Head of Planning and Ultra-High-Net-Worth Solutions at Citizens Wealth. "Now more than ever, sound wealth management and personalized financial planning can help all beneficiaries make informed investment decisions, prepare for retirement, protect their families and ultimately transition wealth.”

The Citizens survey of more than 1,500 Americans reveals a critical need for trusted financial guidance to narrow the confidence gap and set expected inheritors on a path toward financial success. Key findings include:

The Great Opportunity for Women

Eighty-four percent of women say they lack confidence in their ability to manage money from an inheritance or financial windfall – a significant contrast compared to 73% of men.
Nearly half of women (45%) report feeling confused or overwhelmed when it comes to managing their personal wealth, compared to just 27% of men.
More than half of women (51%) have never opened an investment account, compared with 34% of men.
Sixty-six percent of Gen Z women and 50% of Millennial women delayed starting their wealth management journey due to lack of confidence or know-how, resulting in lost opportunities to build wealth.
Women are more likely to shy away from talk of finances: More than half (54%) would listen in, but not actively join a group discussion on the topic of wealth management, compared to 40% of males who would remain in “listen-only” mode.
The vast majority (90%) of American women expressed a desire to meet with a financial advisor to help them reach their financial goals, with saving for retirement being the highest priority (36%).

Planning for the Future

A significant portion of Americans (30%) have not taken any steps to prepare an estate plan, and a large majority (80%) do not feel completely confident in their ability to create one. This reluctance may stem from the fact that nearly a quarter (24%) report feeling uneasy broaching the subject with family.
For 61% of women, ensuring their children are cared for is paramount when planning for the future. However, more than a third of women (35%) don’t yet have an estate plan, including older generations of women (41% of Boomer women; 37% of Gen X women). This underscores the need for advisors who can navigate the complexities of multi-generational estate and wealth management planning with sensitivity and expertise.
Younger generations should also consult an advisor, as half (50%) of Gen Z and Millennial Americans expect to receive an inheritance – approximately a quarter of which (22%) anticipate receiving $500,000 or more.

Cultural Shift: Next Gen

While the vast majority of Americans (86%) regret not starting financial planning sooner, younger generations are already significantly more engaged in their financial journeys: 38% of Gen Z opened an investment account by age 21, compared to just 7% of Boomers at the same age. This shows a growing desire among young people to actively participate in building their financial futures.
Even so, a large percentage of those surveyed (52% of Gen Z; 38% of Millennials) have not opened an investment account, indicating a missed opportunity for long-term wealth accumulation.
Younger generations are optimistic about their financial futures with 62% of Gen Z and 63% of Millennials feeling confident or experienced when it comes to managing personal wealth.

*According to financial research firm Cerulli Associates
**According to McKinsey & Company

Methodology
The Citizens Great Wealth Transfer Survey was conducted by Wakefield Research among 1,500 nationally representative U.S. adults, with oversamples for 100 in both High Net Worth/Ultra High Net Worth and Affluent adults, between Jan. 22 – Feb. 3, 2025, using an email invitation and an online survey. Data has been weighted. Weighting data is a statistical technique used to adjust survey data after it has been collected in order to improve the accuracy of survey estimates.

About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $217.5 billion in assets as of December 31, 2024. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,100 ATMs and approximately 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on X (formerly Twitter), LinkedIn or Facebook.