I have worked in the financial services industry for over 12 years now and I definitely see a shift when it comes to women and money. Despite what the research says, we are gaining ground. I attributed it to the ABC’s: awareness, behavior, and clarity.
We are more aware of our finances today than in years past. Also, we are taking more of an active role in managing our money. When I meet with a woman client, even if she does not know very much about finances, she knows Suze Orman. Like her or not, Suze has educated generations of women. Online websites dedicated to women, like LearnVest and DailyWorth and even the annual efforts of the Women Money Week movement, have increased awareness about budgeting, saving, getting out of debt, and investing.
Generation Y and Millenniums young women have grown up with open dialogues around money. JumpStart and NEFE, and financial literacy champions, have pushed for financial education in K12 schools since 2000. Because of them, students today receive early exposure to financial principles, unlike older generations. Also parents and grandparents who learned how to manage money through the school of hard knocks are openly sharing wisdom with their children. The end result is a more financially aware generation.
Additionally, as the economic downturn, job losses and the housing bubble devasted households, the repercussions of previous habits were exposed. Many were affected and were forced to change their spending behaviors.
The trends are shifting in our favor. Today’s women have dynamic and diverse role models of young media moguls, government officials, and CEOs. Gone are the days of the aloof shopaholic, drinking cosmos all day and complaining about sex. Statistics tells us that:
- 50% of all women are single, divorced, or widowed
- 85% of women writes the checks
- 51% of women earns more than her husbands
- 51% of all workers in high-paying management, professional, and related occupations are women
As we elevate our status in life, women are gaining more clarity around money and embracing their new status as financial powerhouses. We Rule the World! Happy International Women’s Day!
This week is Women Money Week (March 4th – March 8th). Our goal is to engage, educate and empower women about personal finances. Check out other educational articles at: http://womensmoneyweek.com/future-planning-financial-planning/
Samirian Hill, The MoneyWise Teacher, is the President and Founder of BudgetWise Financial Solutions, LLC where they teach people to manage money wisely. She is a financial educator, writer and publisher at BWFS. She enjoys reading, golfing, and cooking.