Do you know that you are powerful? Women are enormously powerful, but the problem is, very few of us know it. Being a women in the industry of finance, I have observed the trends of women and money closely. Twenty years ago, women were less concerned about finances and wealth. Partly because, women may have assumed that eventually they will marry and live happily ever after. Why really take financial matters seriously? Today, 62% of the women are unmarried (25% never married, 13% divorced/separated, 7% widowed, 17% partnered but not married). 80% – 90% of all women will manage their own finances at some point in their lives. The great recession of 2008, as it was called, shocked much of America back to reality.
What happened? Women became Chief Financial Officer of their households and took control of their finances. “The balance of power appears to be shifting toward women, according to The Allianz’s Women, Money and Power study.
Today, 57% of all women say they have more earning power than before, and almost two-thirds (60%) of women say they are the primary breadwinner in their households. 51% of married women are earning more than their husbands. This number was 4% in 1970 and 22% in 2007. Women have influence and buying power. 80% of all women make all financial decisions within their households; accounting for 89% of all new bank accounts opened and 85% of all checks written.
Women are becoming more empowered in the workplace. 23% of women are in management of professional occupations. Currently, 4.6% (46) of Fortune 1000 companies have women CEOs. Accounting for 51% of the US Labor Force, we are making strides, although the pace may slower than desired.
So what does all of this mean? We have a tremendous opportunity to impact our households, families, communities, and the world. Is it parity or equality? NO, but it is improvement. Let’s begin to accentuate our strengths, instead of complaining about our shortcomings. It is time that we learn to harness our power and influence through the process of engaging, educating and empowering. Real power is economic power, everything else is dressings.
- ENGAGE – Become actively involved with your personal finances. Know your numbers. Set financial goals for where you want to be in 1, 5, and 10 years. With the vast amount of resources and technology available, women are wiser with day to day money management, but still shy away from longer term planning and investing.
- EDUCATE – Continue to learn about financial matters. Find a book or class to expand your understanding. Whether you are in financial recovery or have achieved mastery, seek wisdom and gain more understanding. Hire a financial advisor or coach to help you get to where you want to be.
- EMPOWER – As you advance in your finances, share with your daughters, sisters, friends, or, even your mother. Too often in the past, we failed to help another. Once we received our breakthrough, we kept it to ourselves. Each one, teach one. Redirect your spending to businesses, organizations, and corporations that are owned and operated by women or support women. Let’s reach back to help those that are less fortunate and pay it forward for those coming behind us.
When I talk about finances, I refer to women most of the time. While speaking with a male business owner, he asked me, “What about the men?” I told him that men had their chance. They chose to compete and keep, oppose to collaborate and give. I am passionate about women excelling in their finances. It’s our time!
Sources: The Allianz Women, Money, and Power Study, 2012-2103 Prudential Research Study, www.infoplease.com
Do you agree it is our time? What is your next step to move your finances to the next level? Leave a comment below.
Samirian Hill, The MoneyWise Teacher, is President and Founder of BudgetWise Financial Solutions, LLC (www.budgetwisefinancial.com), where they teach people to manage money wisely. Samirian assists women to move beyond financial challenges to money mastery in order to lives of freedom and purpose. Receive a 30 minute complimentary consultation and leave the session with a priority game plan. Send an email to email@example.com to schedule your appointment TODAY!