SOURCE: BMO Private Bank

May 10, 2013 15:05 ET

BMO Private Bank Mother's Day Study: Women in Illinois Take Charge of Household Expenses but Trail Men in Seeking Financial Advice

CHICAGO, IL--(Marketwired - May 10, 2013) - With women in the United States controlling an increasing amount of wealth, a Mother's Day study released today by BMO Private Bank has revealed that the women of Illinois are indeed in charge. According to the study, 95 percent of Illinois women are the primary or co-primary decision-makers for day-to-day household budgeting and spending decisions. 

"Women are controlling an increasing amount of wealth and this is translating into having more of a say in how money is managed in households across the U.S.," said Mary Jo Herseth, National Head of Banking, BMO Private Bank. "We're at the point where we can say that women currently act as 'CFO' or 'Co-CFO' in the majority of homes across the country."

Furthermore, 76% of Illinois women are the primary or co-primary decision makers as it relates to long term financial planning, including savings, investing and financial planning, 8% less than the survey's national average. Yet despite over three quarters of Illinois women playing such an active role, almost two-thirds (62 percent) of them do not have a financial advisor, almost 20% more than the amount of men that did not have a financial advisor.

"It's important to understand that you don't have to be enormously wealthy to benefit from the services of a financial advisor," noted Herseth. "In fact, you could make the case that, the more modest the size of your investments, the more critical it is for you to seek out help to build them up."

The study also identified the top attributes that women seek in a financial advisor:

  • Convenience is a must for women in Illinois, with 64 percent stressing that an easily accessible location is a very important factor in choosing a financial advisor, compared to 57 percent of women nationally
  • 87% of Illinois women find clear and jargon-free language very important, compared to just 71% of Illinois men.

All results come from a Pollara survey fielded online with 1,500 Americans between April 26th and May 1st, 2013. The margin of error for a probability sample of this size would be +/- 2.5%, 19 times out of 20.

BMO Private Bank is a brand name used in the United States by BMO Harris Bank N.A. Member FDIC. Not all products and services are available in every state and/or location.

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