{"id":312023,"date":"2025-10-18T00:12:20","date_gmt":"2025-10-18T00:12:20","guid":{"rendered":"https:\/\/www.europesays.com\/us\/312023\/"},"modified":"2025-10-18T00:12:20","modified_gmt":"2025-10-18T00:12:20","slug":"women-could-fall-behind-in-the-124-trillion-great-wealth-transfer-because-of-the-confidence-gap-in-financial-planning-experts-say","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/312023\/","title":{"rendered":"Women could fall behind in the $124 trillion Great Wealth Transfer because of the \u2018confidence gap\u2019 in financial planning, experts say"},"content":{"rendered":"

America is anticipating the greatest personal finance shift in history: During the next 23 years, an inconceivable $124 trillion<\/a> will be transferred<\/a> from baby boomers and older generations to heirs, widows, and charities.\u00a0<\/p>\n

The dramatic shift is called the Great Wealth Transfer<\/a>, and women are set to get the majority<\/a> (70%) of that inheritance, according to Bank of America<\/a>. While that may sound like welcome news, women could fall behind in the $124 trillion Great Wealth Transfer because of poor financial planning, several finance experts said at the Fortune Most Powerful Women Summit in Washington, D.C., on Tuesday.<\/p>\n

Karla D\u2019Alleva V<\/a>alas<\/a>, head of private wealth management and executive services at Fidelity Investments<\/a>, questioned a room of attendees during a session called \u201cLegacy in Motion: Empowering Women Through the Great Wealth Transition\u201d whether they thought that because they are a high earner, they automatically have financial freedom. Fidelity Investments<\/a> is one of the world\u2019s largest asset managers and the largest privately held financial firm in the U.S.<\/p>\n

\u201cThat\u2019s a myth,\u201d D\u2019Alleva Valas said. \u201cTrue financial freedom comes not only from confidence in earning the money, but more importantly, it comes from having a clear and adaptable financial plan.\u201d<\/p>\n

D\u2019Alleva Valas calls this the \u201cconfidence gap\u201d in financial planning between men and women.<\/p>\n

A March 2025 study<\/a> from JPMorgan shows about 60% of men said they take the lead on long\u2011term financial plans, compared with roughly 25% of women. Considering the $124 trillion Great Wealth Transfer, more women need to focus on financial planning. D\u2019Alleva Valas said the biggest barrier for women, though, isn\u2019t a lack of knowledge. Rather, it\u2019s a lack of confidence to take an active role in growing investments.\u00a0<\/p>\n

Consider the psychological barriers women were raised with, said Jean Chatzky, CEO of\u00a0 budgeting, investing, and financial planning media company HerMoney Media<\/a>.\u00a0<\/p>\n

\u201cWe all have a money story, and it\u2019s not what we were taught as young women,\u201d Chatzky said. \u201cIt\u2019s what we heard, it\u2019s what we absorbed.\u201d<\/p>\n

Plus, women face unique challenges such as caregiving responsibilities, longer lifespans, greater health care costs, and pay inequity, each of which impact their confidence in financial planning, according to the panelists.\u00a0<\/p>\n

\"\"From left: Fortune\u2019s Ellie Austin; Karla D\u2019Alleva Valas of Fidelity Investments; Jean Chatzky of HerMoney Media; and Connie Collingsworth, former COO of the Gates Foundation.<\/p>\n

Melissa Flynn\u2014Fortune<\/p>\n

\u201cMen have been raised to believe that they should be taking care of their families,\u201d Chatzky said. And when that balance isn\u2019t functioning the way expectations set that up\u2014i.e., if the woman is the breadwinner of the home\u2014women who earn more money still do more work around the house, she added.\u00a0<\/p>\n

Early financial planning can also help avoid major roadblocks during crises later on in life, D\u2019Alleva Valas said.\u00a0<\/p>\n

\u201cEveryone\u2019s at least just one life event away from needing a financial advisor or needing a financial planner,\u201d she said. \u201cYou don\u2019t want to be in the middle of a massive event\u2014whether it\u2019s a death, maybe a divorce, a sick child\u2014that you have to plan for. You don\u2019t want to be in the throes of it.\u201d<\/p>\n

Role-modeling financial planning\u00a0<\/p>\n

One way women can close the confidence gap is to start talking to their daughters at a younger age about financial planning, panelists emphasized.\u00a0<\/p>\n

Just like women who take on positions of power demonstrate how to break the glass ceiling, said Connie Collingsworth, former COO and chief legal officer of the Gates Foundation, women need to do the same when it comes to financial planning.\u00a0<\/p>\n

\u201c[If] we show [our daughters], and we talk to them about these issues, I think they will have a sea change,\u201d Collingsworth said. \u201cThey want to listen. They want to be like the women that have independence and the power that comes from knowing what your plans are. The key to all of this really is intentional.\u201d<\/p>\n

At the same time, Collingsworth said, it\u2019s important to limit accessible funds to children so those funds don\u2019t get abused. It\u2019s critical for the children of wealthy parents to work, and for trust funds to not be available until they\u2019re about 35 to 40 years old.<\/p>\n

\u201c[Your children] see how you spend. They see what your jobs are,\u201d Collingsworth said. \u201cThey are watching us all the time.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"America is anticipating the greatest personal finance shift in history: During the next 23 years, an inconceivable $124…\n","protected":false},"author":3,"featured_media":312024,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[64,143257,6764,37629,157369,255,67,132,68,258,29478],"class_list":{"0":"post-312023","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-conferences","10":"tag-financial-planning","11":"tag-most-powerful-women","12":"tag-mpw-summit","13":"tag-personal-finance","14":"tag-united-states","15":"tag-unitedstates","16":"tag-us","17":"tag-wealth","18":"tag-wealth-management"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115392279047428745","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/312023","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=312023"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/312023\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/312024"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=312023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=312023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=312023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}