A new study indicates that in terms of wealth management, women are taking an advanced position on financial planning. The study completed by RBC Wealth Management indicated that there has been a significant change in the attitude of women between millennial and the baby boomer generations.

In fact, approximately half of boomer women take the primary responsibility for financial planning, whereas 72% of millennials are responsible for this area of household affairs. This trend was seen across will and legacy planning, day to day banking, and charitable giving. In comparison, a total of 69% of men across all ages claim that they were in charge of financial planning. The richer the household, the more likely it was that women were leading the financial planning and were involved in legacy and estate planning.

The study indicated that nearly 70% of households that had at least $5 million in investable assets had women as the primary decision maker. The key differences between these two generations as far as how the women are involved and participating, has to do with the change from thinking about money as providing security and thinking towards factors like impact on communities, political impact and a wealth legacy.

Millennial women who participated in the study seemed more interested in measuring the difference they could make on the world, and the social focus may reflect in charitable giving. In fact, up to 65% of millennial women who responded in the study said that they felt it was their duty to use their wealth to benefit society in a bigger way, compared with only 52% of baby boomer women. Millennial women with significant assets already are more likely to build their wealth on their own when compared with boomer counterparts.

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