Confident spending. Clever saving.
Women are at a sea change moment in American society. Currently, we control more than half of all private wealth in the United States, which will amount to almost $14 trillion dollars in 2015. Some statistics suggest that women will control about $22 trillion by 2020. More and more women are the primary breadwinner in their household, and we account for 85% of the household spending decisions. In the past ten years, the number of women holding management positions in the United States has doubled. For the first time in history, we hold an unprecedented power when it comes to spending and earning money.
At the same time, we lack confidence in our financial abilities. A Prudential research study discovered that just one-third of women have a detailed financial plan in place. The number drops to one in 10 for women ages 25-34.. Fewer than two in 10 women feel “very prepared” to make wise financial decisions. Half indicate that they “need some help,” and one-third feel that they “need a lot of help.”
As Simone De Beauvoir said, “civil liberties are theoretical if they are not accompanied by economic freedom.” Although she spoke to women at an earlier time in history, her quote still rings true today. We may be making more money, and spending it more freely, but women are still behind the curve when it comes to financial literacy. Compared to men, fewer of us pay our credit cards back in full. We are far less comfortable with the stock market. Fewer than half of us are able to answer basic financial literacy questions when surveyed.
Those of us who choose to become mothers have to make many difficult decisions regarding our career. When we, as women, choose to leave our earning power behind, we lose a piece of independence and our ability to make choices. At the same time, balancing children and the demands of our work life is never easy. Corporate America is not yet comfortable with the reality of how the arrival of children changes out ability to control our time.
The bottom line: women are still faced with unique challenges that we are learning how to meet in the modern economy. The debate around women in the workplace is still raging. We still don’t know how to prepare ourselves for our financial futures, which would give us power as we work through the inevitable hardships that define human life.
Our mission at GoGirl Finance is to empower and encourage women. You should never feel alone in the paths you’ve chosen, no matter what they are. Learn with us and become confident spenders and clever savers. We can’t wait to hear from you.