According to a recent report from U.S. Trust, women at the top of the earnings ladder are not only making strides in the workplace, but they’re also taking charge of their households’ finances at higher rates.
The national survey of 640 adults found that among high-net-worth individuals—defined as those with at least $3 million in investable assets—30% of Gen Y women are breadwinners in their households, and another 21% contribute the same amount of income to the household as their partners.
Perhaps even more surprising? That’s true for Millennial women more than any other demo.
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Compare that to the 11% of Gen X women and 15% of Baby Boomer women who earned more than their husbands.
Likely a result, young women have a greater influence over their family’s money decisions than ever. Among today’s high-earning female Millennials, 31% are the primary decision-makers when it comes to their household’s wealth and investment planning. That’s considerably more than the 11% of Gen Xers and 9% of Boomer women who can say the same.
Of course, these role changes don’t just affect women. As moms continue to earn more, about one in four Millennial fathers are more likely to be the primary caretakers of their children—a striking difference from the 7% of Gen X and 3% of Boomer dads who’ve undertaken the same responsibility.