Penny Pennington, managing partner at financial services giant Edward Jones, discussed the ‘elder daughter phenomenon’ with Fortune, highlighting the central role eldest daughters play in organizing American family finances. According to a Cerulli Associates report, approximately $124 trillion will be transferred to heirs and charities between 2024 and 2048, with $105 trillion destined for heirs, including $87 trillion received by women ($40 trillion in spousal transfers and $47 trillion in transfers to younger women). A 2014 study published in the American Sociological Review found that daughters provide more care to elderly parents than sons, and a 2024 Edward Jones survey conducted with Morning Consult reveals that two-thirds of American women consider themselves their household’s ‘chief financial officer.’
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