The national conversation regarding women and finances often centers around the fact that women receive less than their male counterparts who hold the same roles in the workplace. This is unfortunately still true in the United States, and raising awareness and holding discussions about that fact is imperative to addressing the inequality and hopefully eradicating it sooner than later. However, it is also true that this pervasive national conversation leaves out another true aspect regarding women and wealth in the U.S -- recent studies show that a growing number of women are controlling a significant portion of the nation’s wealth.
A report released by BMO Wealth Institute titled “Financial Concerns of Women,” which studied the professional progress of American women over the last 50 years, revealed that women are currently in control of 51% ($14 trillion) of personal wealth in the United States. Additionally, they predict that American women will be in control of roughly $22 trillion by 2020!
Women are also increasingly becoming leaders in the workforce. The study found that women have assumed more than half (52%) of management and leadership positions in the United States. A larger number are also excelling in entrepreneurship (females are now the proprietors of 30% of all private businesses.) These progressions have resulted in rising incomes and more households being supported by women. The study reports women are the primary earners in more than 40% of U.S. households. This is an increase of more than four times since 1960!
Internationally, Women now control nearly $40 trillion, or about 30% of the world’s wealth -- up from 25% held five years ago. The total assets under management held by female investors worldwide also grew 8% over the past five years.
At Banks Carroll, we understand the strength of women in the workforce and in the financial marketplace. Our business exists to assist them in planning, managing, and increasing their personal wealth, taking a tailored and strategic approach that best suits their specific priorities and life goals. If you are interested in finding out more about how professional financial planning services can benefit your life and your future, contact us today at (352) 380-1675.
This information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Banks Carroll Group and not necessarily those of Raymond James. There is no guarantee that the statements, opinions or forecasts provided herein will prove to be correct. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.