Women, Money & Power

​Women have tremendous financial power.  The opportunity cost of not using it fully leaves us vulnerable to under achieving, under earning and under saving.

​In case you missed it, women, particularly boomer women (ages 59-77), have tremendous financial power.  Consider:

• Women aged 50+ control half of the country’s discretionary income and 60% of the country’s wealth
• It is estimated that women will control two-thirds of consumer wealth within the next decade
• Women own 51% of all stock in the US
• Women age 50+ have a combined net worth of $19 trillion
• Spending by women over 50 is expected to rise to $4.7 trillion over the next 20 years

We don’t normally think of ourselves as having this kind of power.  In fact, we probably don’t use “women” and “power” very often in the same sentence!  How do you feel about that?  If you are part of the Millennial, GenZ or GenX cohorts, how are you feeling about your financial power?   Do you feel like you are on a pathway to success?

Furthermore, women drive purchasing.  According to Girlpower Marketing, women are responsible for

• 91% New home purchases
• 66% PCs
• 92% Vacations
• 80% Healthcare
• 65% New cars
• 89% Bank accounts
• 93% Food
• 93% OTC pharmaceuticals

 
Assess your Power
 
The best way to understand the potential of your financial power is to complete a financial plan.  Here’s why:

If you are just beginning your career or mid-career, a plan will not only provide guidance for spending, saving, and insurance, it will also provide an opportunity for you to evaluate your progress toward building wealth. 

• Are you in the right job? 
• Are you compensated appropriately? 
• Is it time to make a career investment? 
• What would you like to accomplish with your “power” now and/or 10 years from now?

 
For later stage career women, the questions may be the same or slightly different.  

• When can I shift into something different?  A job that is more rewarding?
• What am I retiring to?
• How do I want to use my power?
• What does it mean to me?
• Are there other things I want to accomplish?

 
The good news is that women continue to build financial power and many of us are learning how to wield it effectively. 

The opportunity cost of not using it leaves us vulnerable to under-achieving, under-earning and ultimately under-saving for the years when we will need our assets to sustain us.
​
Learning to deploy our financial power is a lifelong journey.   We stand ready to assist you, your daughters, sisters, mothers, and friends with this endeavor.