The findings highlight women’s growing control over insurance and retirement decisions, even as confidence in long-term financial security weakens.
The proportion of women who identify as the household CFO has risen to 53%, up from 41% in 2021 and 49% in 2023, the last time the study was conducted. Millennial women are most likely to hold that role, with 63% saying they are the CFO of their household, compared with 46% of Generation X and 45% of boomer women.
Rising responsibility, rising stress
The study also showed that greater responsibility comes with more anxiety. A majority of women (52%) said they have felt more stressed in general over the past two years. Many reported that money worries are keeping them up at night, with concerns closely tied to core insurance and retirement issues: inflation making it harder to reach financial goals (36%), the rising cost of health insurance (35%), and the risk of running out of money in retirement (35%).
“As more women take on the role of chief financial officer for their households, the increased responsibility can feel overwhelming, especially with current economic challenges, such as the rising cost of living and healthcare costs,” said Heidi Vanderkloot, head of FMO distribution, Allianz Life. “While the economic factors are out of your control, you can take control and address the risk to your long-term financial outlook by incorporating risk management strategies to ensure your money lasts your lifetime.”
The comments underscore the link between women’s stated concerns and the tools insurers offer, including annuities, income protection, long-term care coverage, and supplemental health products.
Financial and retirement confidence slipping
Despite the increase in decision-making authority, fewer women said they feel on solid financial footing. Only 63% reported feeling financially secure, down from 72% in 2021 and 64% in 2023.
Retirement planning is a particular weak spot. Just 46% of women said they feel confident about their current retirement plans, compared with 52% in 2023. Confidence varied sharply by marital status. Only 32% of single women and 34% of divorced women felt confident about their retirement plans, compared with 53% of married women and 56% of widowed women.
Those gaps are mirrored in worries about outliving savings. Sixty-two per cent (62%) of single women and 61% of divorced women said they worry about running out of money in retirement, versus 52% of married and 51% of widowed women. Generation X women are the most concerned by age group, with 65% saying they worry about running out of money in retirement, compared to 56% of millennials and 46% of boomers.
For life insurers and annuity providers, those numbers point directly to demand for guaranteed income solutions and more structured retirement strategies, especially among women outside of marriage who may not have access to dual incomes or spousal benefits.
Advice gap for single and divorced women
The study also suggested that the women who feel least secure are the least likely to be receiving professional guidance. Only 15% of single women said they are working with a financial professional, compared with 36% of married women, 33% of widowed women, and 29% of divorced women.
“The guidance of a financial professional can make a pivotal difference in your financial confidence,” Vanderkloot said. “Many may feel a lack of confidence because they haven’t created a financial strategy that outlines their financial goals and the steps to achieve them. With the right support and financial strategies in place, women can more confidently navigate financial challenges and secure their futures.”
That advice gap points to a substantial underserved segment: women who are already managing household finances but have not yet translated that role into a formal plan for insurance, protection, and retirement income.
Implications for insurers and distributors
Women are taking on more day-to-day financial responsibility, feel underprepared for retirement and are highly attuned to inflation, healthcare costs, and longevity risk. At the same time, many lack access to professional advice or a documented strategy.
For life and annuity insurers, health insurers, and intermediaries, the data suggests both risk and opportunity. The risk is that a rising share of “household CFOs” remains uninsured or underinsured for core risks such as income loss, serious illness, long-term care, and outliving assets. The opportunity lies in designing and distributing products and advice that address the specific concerns highlighted in the study and that are tailored to women in different life stages and marital situations.
