Women and Finance
In celebration of Women’s History Month, we want to examine how the roles of women have changed in regards to household financial planning. Historically throughout society, men have been financially dominant over women. This has led to them out-earning women, being a part of the wage gap problem, and presiding over all household monetary decisions. However, over the years, the gender roles between men and women have dramatically changed in a lot of ways. Money management and financial literacy for women used to be a very taboo subject, but as time has moved on it’s becoming more common.
Previously, women were marginalized and kept out of the conversations when it comes to money. In stark contrast to a few decades ago, women are no longer relying on men be the sole provider or breadwinner in their households. In modern times, women have gained more autonomy and freedom over their lives and are able to contribute to the financial planning and money management whether at home or at work.
The time has never been better for women to seize control of their wealth. Women throughout the United States are revolutionizing how they handle their monetary affairs and they are taking charge of their own finances. There are dozens upon dozens of groups and organizations that have been helping women take great pride in their finances and have curated their programs to be tailored to the habits and patterns of women.
A significant reason women are gaining more authority over their money is correlated to the expanding opportunities women are taking to enhance their careers and earn more. Although the pay wage gap is still a very real thing, women are earning more now than they ever have throughout history.
For example, a 2018 study conducted by YouGov US found that “Globally, more than one in five women who live with a partner (22%) say they either earn more than their partner or contribute the full amount to their household’s total income.” As a result of women earning more, they are financially contributing to their households and thus have more say over how finances are handled. It’s also shown that women spend more time than men making economic decisions for their families.
Along with that, women are also opening small and medium sized businesses faster than ever previously noted. According to a survey conducted by Fundera, there are 114% more women entrepreneurs than there was 20 years ago and last year there were at least 1,821 new businesses opened by women each day. These numbers show that women are no longer sitting back and waiting for their financial and wealth security to be guaranteed by men. They are taking an active role in providing for their households and secure their financial future.