2024 Report by Penny Finance Confirms: The Great Wealth Transfer Will ...

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Today's Date: May 4, 2024

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2024 Report by Penny Finance Confirms: The Great Wealth Transfer Will Not Solve The Wealth Gap Crisis

BOSTON , April 25 /Businesswire/ - Penny Finance, women-first online financial mentorship platform, announces the results of their 2024 Women & The Great Wealth Transfer report. The wealth transfer is great; but it will not bridge the gap.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240425086196/en/

(Graphic: Business Wire)

A great amount of money will change hands as the Boomer generation ages – around $84 trillion, according to a report by Cerulli. But this wealth will not be divided evenly. Only 15% of American adults expect to receive an inheritance in the next decade. Those who receive the money, likely already have it: 68% of the wealth transferred will go to households with at least $1mm in assets.

At Penny Finance, we aimed to uncover what the wealth transfer really means for the next generation. Penny Finance surveyed 5,571 women between the ages of 18-74 on their financial standings, sentiments around money, and overall fiscal goals. Our report includes data on women’s financial goals, debt, and investing, incorporating differences between generations (Gen Z, Millennials, Gen X, and Baby Boomers).

Results show two concurrent trends. With or without the luck of familial fortune, women are coming into their financial power. The next generation of women are employed, motivated, and accomplished. However: the barrier to financial freedom is unilateral across the board. Women are burdened by greater debt than previous generations, anxious about their finances, underutilizing retirement resources, and hesitant to invest.

“As a father of 2 adult daughters I have seen firsthand how knowledge (and some guidance) of basic money issues, challenges, and finances that do not come naturally to many young women, can have huge long term life altering benefits. Unfortunately, every young woman isn't as lucky as those whose parents are employed or in the know about financial services. The fact that women on average live longer than men, and combine that statistic with the fact they typically handle the household finances (as well as the finances of their elderly parents), well… That's enough of an incentive for most credit unions and bank leaders to not want to lose liquidity through wealth intermediation.” says Roland Draper, CEO of Somerville Municipal Federal Credit Union.

We believe most headlines are asking the wrong questions about The Great Wealth Transfer. The next phase of gender equity does not depend on wealth inherited by few, but on the ability of the majority of Americans to pay off debt and begin investing, at the same or higher rates as previous generations.

The launch of this report underscores the increased demand for financial wellness tools for women. Women are projected to control 90% of household finances by 2045. And they will want help. Financial service providers have a unique opportunity to support pre-wealth and younger generations regardless of inherited assets. How much wealth is actually passed down, and to whom, is to be seen. Our collective ability to empower women with financial education is a given. Which will you bet on?

About Penny Finance

Founded by Wall Street veteran Crissi Cole, Penny Finance is the first personalized and tech-powered financial mentor that provides real-world knowledge to women who don’t have access to a financial advisor. Through tailor-made money plans, instant insights, and digestible financial education, Penny offers individualized money advice to help women increase cash flow today, and retire with wealth tomorrow. Join the Penny Finance community at penny-finance.com.