Who Run the World?

On April 1, the Iowa vs. LSU women’s basketball game broke viewership records. With 12.3 million viewers, it became the most watched college basketball game ever aired on ESPN. The game riveted more people than any NBA game last season except Game 5 of the finals, any MLB game of the 2023 season, and every College Football game other than the championship, the Ohio State-Michigan game, and the SEC Championship.¹

Athletic women are not the only ones making headlines. You may recall 2023 when the Barbie movie, Beyoncé’s Renaissance tour, and Taylor Swift’s Eras tour received partial credit for keeping the US economy out of a recession. The Federal Reserve Bank of Philadelphia stated last summer that the Eras tour was on track to add $5 billion to the global economy through travel and tourism.² The world even coined a term – Swiftonomics – to quantify Taylor’s impact on the global economy.

Regrettably, the financial industry has been behind the trend of women at the forefront. Over the last 10 years, the percentage of female fund managers globally has stalled around 12%. Looking nationally, only 1.4% of US assets are under the purview of female investment managers.³ It is safe to say that, in this regard, Wall Street is a follower, not a leader. Raymond James is slightly ahead of the curve, with about 15% female advisors.

As individual investors, though, women continue to make vast strides. A mere 50 years ago, in 1974, women were first granted the ability to legally open a bank account without a husband’s signature. Today, American women control $11 trillion in assets and will inherit as much as $30 trillion in the coming decades. About one third of global wealth, or roughly $70 trillion, is owned by women.⁴ And here’s one more shocking stat: the rate of women with 6-figure incomes is rising almost three times as quickly as the rate for men.⁵

The times are a-changin’; in sports, entertainment, and economics. In a 2017 study conducted by a research affiliate of ours, 9 of 10 women stated they are somewhat to very confident they have the knowledge to make sound financial decisions. However, 8 in 10 women still experienced negative stereotypes about their financial expertise or ability to contribute financially to their household.⁵

The positive changes we are witnessing in women’s sports started with Title IX, a law passed in 1972. The transformations we are experiencing in the financial world and investment arena are slowly occurring. Meaningful beneficial change takes time.

The women’s Final Four game with Iowa and UConn broke the broadcast record again, with 14.2 million viewers, the largest audience ever for an ESPN basketball broadcast. And the final of South Carolina vs. Iowa? It peaked at 24 million viewers, making it the most-watched non-Olympic sporting event since 2019.⁶ It makes me ponder whether sports is a metaphor for life, or if it is just great sports. In the words of Beyoncé, “Who run the world? Girls.”

Congratulations, South Carolina, on your perfect season and National Championship! And the men’s tournament was pretty awesome too – well done, UConn Men’s Team, on the back-to-back championships.

Grace LovelandApril 9, 2024

Any opinions are those of Grace Loveland and not necessarily those of Raymond James. This material is being provided for informational purposes only and is not a complete description, nor is it a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Past performance is not indicative of future results. Raymond James & Associates, Inc., member New York Stock Exchange/SIPC

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Who Run the World?

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