Despite Ongoing Systemic Inequality, Younger
Generations are Growing in Financial Prowess and Confidence
MEMPHIS,
Tenn., March 15, 2024 /PRNewswire/ -- First
Horizon Corp. (NYSE: FHN or "First Horizon") today announced the
results of a comprehensive survey exploring the financial
confidence and practices of women in the Southeastern United States. The survey,
including 1,000 women ages 25 to 65 with a total household income
of $75,000 and above, reveals a
significant shift toward financial empowerment among women,
specifically within younger generations.
"Over the last several decades, women have become increasingly
independent in their financial lives," explained Tracy Bell, CFA, and Director of Equity
Investment Strategies at First Horizon Bank. "More women are
getting their college degrees, entering the labor force and getting
married later in life. While the gender wage gap persists, this
survey reveals that these shifts are creating greater financial
independence and a growing confidence among women, particularly
among younger demographics."
Here are some of the key findings from the survey:
- 65 percent of respondents rate their financial knowledge as
good or excellent.
- 32 percent of 35–44-year-olds, and 28 percent of
25–34-year-olds, rate their financial knowledge as excellent. This
drops to 14 percent of 45–54-year-olds and 19 percent of 55 to
65-year-olds.
- 73 percent of women invest their own money and believe they
have more knowledge than their peers when it comes to investing.
- 31 percent of 35–44-year-olds believe they know "a lot more"
about investing than their peers, compared to just 14 percent of
55–65-year-olds.
- 75 percent of respondents said they felt comfortable seeking
financial advice.
- 40 percent aged 25–44 said they felt very comfortable seeking
financial advice compared to 20 percent of 45–54-year-olds and 28
percent of 55–65–year–olds.
"We are amid a significant shift, one that will make financial
literacy and seeking professional financial advice crucial in the
coming years. By 2030, around $30
trillion is set to transition into women's control, driven
by the transfer of assets from Baby Boomers," explains Bell. "This
great wealth transfer presents a unique opportunity for women to
flex their financial superpowers, solidify their plans and actively
shape their financial future."
To sharpen women's financial expertise, Bell spearheads the
bank's Women and Wealth initiative. Through personalized
coaching, online resources and community events, this program
facilitates candid conversations that empower women to take charge
of their financial future.
For a comprehensive look at the survey findings, click
here.
About First Horizon
First Horizon Corp. (NYSE: FHN), with
$81.7 billion in assets as of
December 31, 2023, is a leading
regional financial services company, dedicated to helping our
clients, communities and associates unlock their full potential
with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First
Horizon Bank operates in 12 states across the southern U.S. The
Company and its subsidiaries offer commercial, private banking,
consumer, small business, wealth and trust management, retail
brokerage, capital markets, fixed income, and mortgage banking
services. First Horizon has been recognized as one of the nation's
best employers by Fortune and Forbes magazines and a Top 10 Most
Reputable U.S. Bank. More information is available at
www.FirstHorizon.com.
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SOURCE First Horizon Corporation