Published on: Wednesday, 05 March 2025 ● 5 Min Read
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
Planning for the Future
Cultural Shift: Next Gen
*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.
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