Women’s Financial Confidence Rising, Finds Citi’s Women & Co. Research

By Melissa J. Anderson (New York City)

“Women’s one-word association with wealth is security,” said Linda Descano, President and COO at Women & Co., a division of Citi.

Recently, Women & Co. released the results of its national survey on women and personal finance, which measured women’s attitudes toward money and financial decision-making following the recent recession.

Descano said that even before the recession, women saw wealth as a means to security, and now she said, “The women surveyed think the rest of society is finally thinking like them. Their financial values have really held steadfast.”

A New Era: Financial Confidence and Responsibility

“Women are much more confident in their finances and decision-making, and focused on building their financial knowledge. They are engaged in the finances of their households and retirement is top of mind.”

According to the survey, “65% of women think talking about money socially isn’t nearly as taboo as it was pre-recession.”

Descano explained, “Women are breaking the taboo of talking about money – with their kids, friends, colleagues, family members. They feel a responsibility to help others, to share the lessons they learned during the financial crisis.”

She continued, “We are ushering in a new era of personal financial responsibility.”

The survey, conducted through Women & Co., is the second national proprietary survey they’ve conducted. The first was in 2008. Descano noted, “The survey clearly shows the impact of the economic downturn. While women are still very focused on saving, building financial security, financial independence, and talking the long term view, the main change we saw is the new focus on teaching and sharing lessons learned from the recession.”

Women & Co.’s Ten Year Anniversary

Descano said, “Women & Co. has been around for ten years – this is our tenth anniversary.” She explained, “The idea came out of a conference for senior executive women eleven years ago which showed that women are very interested in talking about money, and talking together in a way that matters.”

She continued, “We started talking to women of all walks of life about money and decisions. Women & Co. evolved out of those conversations – what women are thinking, feeling, saying, and doing about money.”

As part of the group’s ten-year anniversary, it released a new advertising campaign in publications like New York Magazine, Oprah, Self, More, Bon Appétit, Martha Stewart Living and The New York Times, as well as online banner ads on AOL, Oprah, Women’s Wear Daily, Glam, Self, YuMe, Yahoo, Wowowow and iVillage.

“What we wanted to focus on [with the ads] was the women of Women & Co.; the vibrant part of what we call the ‘She-conomy.’ Each highlights what is unique about their financial lives.”

She explained, “The ads really resonate with readers – they convey a message of empowerment and they speak to women personally. Wealth is more than about money to women – it’s a means to achieving a goal, a way of taking care of one’s self or family, a path to self actualization.”

Who are the women of Women & Co.? “Women in our community range from their 30s upwards to their 80s, and span all walks of life. They share an interest and a belief that there’s always more to learn about money.”

She continued, “That they are the effective and confident CFO of the household seems to unite them.”

Sharing Experience

In addition to the ad campaign, Descano said, Women & Co. held forums for women to share their own experience and advice. “This spring, we hosted four panels featuring speakers sharing their financial insights from the past ten years.” The events were held in New York, Chicago, San Francisco, and Long Beach.

“The rich conversations with such inspiring women show the vibrancy of our community of women helping women. They are committed to sharing insights and being open to learning.”

She continued, “We’ve come a very long way. The momentum of how women are moving themselves, their families, and the global economy forward is inspiring. It really speaks to my heart that so many are saying, ‘don’t make my mistakes.’”

“I’m getting excited about the next ten years.”