As the “Great Wealth Transfer” accelerates across the Garden State, a new report from HSBC reveals a startling paradox: while New Jersey women are set to control more assets than ever before, a significant majority feel unprepared for the critical financial decisions looming on the horizon.
By 2030, women are expected to control over 40% of global wealth. In New Jersey—a state that consistently ranks among the top five in the U.S. for millionaire households per capita—this shift is expected to have a profound impact on local estate planning, philanthropy and the advisory landscape.
The study, conducted in partnership with Ipsos, identifies a “Financial Fluency Gap.” Unlike financial literacy (understanding the basics), financial fluency is the ability to apply that knowledge strategically as life evolves.
For many New Jersey women, this evolution is complex. As a “sandwich generation” hub, many local women find themselves managing the costs of aging parents in high-cost care facilities while simultaneously funding their children’s education at prestigious universities.
The report highlights several areas where affluent women feel a lack of support or preparedness:
| Category | Finding |
| Long-Term Care | Only 32% feel prepared for their own future care needs. |
| Aging Costs | Only 29% feel prepared for the rising costs of aging. |
| Advisory Support | Less than half feel fully supported by their current financial institution. |
| Tailored Education | 70% say advice tailored to their specific life stage would improve their decisions. |
The research suggests that women in the Mid-Atlantic region approach wealth with a focus on “resiliency” rather than just “returns.”
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Planning for Others: Nearly two-thirds of affluent women say they plan for the benefit of others, not just themselves.
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Legacy Focused: 43% prioritize leaving financial security to loved ones, a figure significantly higher than their male counterparts.
“Financial fluency goes beyond financial literacy,” Racquel Oden, head of International Wealth Management and Private Banking, U.S. at HSBC said. “Closing the Fluency Gap means financial institutions must do more to provide guidance that shifts with women’s lives.”
The findings come at a time when the financial advisory industry in New Jersey remains heavily male-dominated. Recent data indicates that while New Jersey has over 4,000 CFP® professionals (making it 8th in the nation), women represent only about 23.8% of that workforce.
This gender imbalance may contribute to why many women feel their advisors do not fully grasp their priorities. Mika Brzezinski, founder of the “Know Your Value” movement, noted that “When women understand their options and feel comfortable asking questions, they’re better able to advocate for themselves and build a financial plan that truly reflects their priorities.”
