Despite Ongoing Systemic Inequality, Younger Generations are Growing in Financial Prowess and Confidence
MEMPHIS, Tenn., March 15, 2024 /PRNewswire/ -- First Horizon Corp. (NYSE: FHN or "First Horizon") today announced the results of a comprehensive survey exploring the financial confidence and practices of women in the Southeastern United States. The survey, including 1,000 women ages 25 to 65 with a total household income of $75,000 and above, reveals a significant shift toward financial empowerment among women, specifically within younger generations.
"Over the last several decades, women have become increasingly independent in their financial lives," explained Tracy Bell, CFA, and Director of Equity Investment Strategies at First Horizon Bank. "More women are getting their college degrees, entering the labor force and getting married later in life. While the gender wage gap persists, this survey reveals that these shifts are creating greater financial independence and a growing confidence among women, particularly among younger demographics."
Here are some of the key findings from the survey:
- 65 percent of respondents rate their financial knowledge as good or excellent.
- 32 percent of 35–44-year-olds, and 28 percent of 25–34-year-olds, rate their financial knowledge as excellent. This drops to 14 percent of 45–54-year-olds and 19 percent of 55 to 65-year-olds.
- 73 percent of women invest their own money and believe they have more knowledge than their peers when it comes to investing.
- 31 percent of 35–44-year-olds believe they know "a lot more" about investing than their peers, compared to just 14 percent of 55–65-year-olds.
- 75 percent of respondents said they felt comfortable seeking financial advice.
- 40 percent aged 25–44 said they felt very comfortable seeking financial advice compared to 20 percent of 45–54-year-olds and 28 percent of 55–65–year–olds.
"We are amid a significant shift, one that will make financial literacy and seeking professional financial advice crucial in the coming years. By 2030, around $30 trillion is set to transition into women's control, driven by the transfer of assets from Baby Boomers," explains Bell. "This great wealth transfer presents a unique opportunity for women to flex their financial superpowers, solidify their plans and actively shape their financial future."
To sharpen women's financial expertise, Bell spearheads the bank's Women and Wealth initiative. Through personalized coaching, online resources and community events, this program facilitates candid conversations that empower women to take charge of their financial future.
For a comprehensive look at the survey findings, click here.
About First Horizon
First Horizon Corp. (NYSE: FHN), with $81.7 billion in assets as of December 31, 2023, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. First Horizon has been recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.
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SOURCE First Horizon Corporation
