Monday, 26 March 2012 01:11

Women's History Month | Women & Money

March 26, 2012 

You go to work, spend your money how you see fit, and live your life each day never thinking about how all that came to be. Not so long ago, women in this country couldn’t enjoy the financial freedom we take for granted today. The story of women and money is an interesting one and it is only when you take a look at the big picture that you can begin to appreciate how far we’ve come. In honor of Women’s History Month, I thought it would be a good idea to highlight some cool facts about women both to celebrate our successes thus far and make sure we continue to work on our own financial future.

  1. As of 2010, women control 60% of the wealth in America.1
  2. Over 40% of Americans with assets of over $600,000 are women.2
  3. Women are earning over $1 trillion dollars in wages and salaries, however women still earn on average $.78 of each dollar earned by a man.3
  4. Women account for over 50% of the workforce and hold about half of the management positions in corporate America.3
  5. Women make 83% of the household purchasing decisions.4
  6. 48% of women versus 38% of men do not feel confident about investing.5
  7. Women are starting businesses at twice the rate of their male counterparts.4
  8. Over 10 million businesses are owned by women.6  1.9 million firms are majority-owned (51% or more) by women of color in the U.S. These firms employ 1.2 million people and generate $165 billion in revenues annually.
  9. Women live on average 7 years longer than men and need 20% more for retirement.8
  10. At some point in their lives, 90%  of women in the U.S. will be managing money on their own because they’ve been divorced or widowed or have never married.9

We spend, save, and earn money differently than men. Looking at these facts makes it clear that we need financial plans tailored to us and our habits. For more information on how to do this visit my website, FinanciallyWiseWomen.com. Happy Women’s History month!

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.


Sources:

  1. “The Guru of Retirement,” Wealth Manager, February 2007. 
  2.  Fara, Warner, The Power of the Purse: How smart businesses are adapting to the world’s most important consumer-Women, Pearson/Prentice Hall, 2006.
  3. U.S Census Bureau, Facts for features: Women’s History Month, January 2, 2008. 
  4. Passi, Delia, Winning the Toughest Customer, The Essential Guide to Selling to Women, p.XXIV, Kaplan Publishing, 2006. 
  5. Study by FINRA. 
  6. http://www.ohioalumni.org/wip-facts
  7. National Foundation of Women Business Owners. 
  8.  U.S. Department of Labor, Women and Retirement Savings, December 2007. 
  9. Bodnar, Janet, Money Smart Women, Kaplan Publishing, 2006.


Brittney Castro is not affiliated with MadeWomenMag.com. Brittney A. Castro is a registered representative with and securities offered through LPL Financial, Member FINRA/SIPC. California Insurance License #0F33895.

Published in Personal Finance