More Women Have Become Economic Forces within the Modern Workplace
All of those college degrees women are earning these days plus the evolution of family structure have contributed to a mom phenomenon: Mothers contribute almost $1 trillion to the U.S. economy according to data from the U.S. Census Bureau’s survey. Further, the Senate’s Joint Economic Committee reports that women provide nearly 40 percent of household earnings for families with working mothers.
Women have become a major economic force, changing the modern workforce and making up 47 percent of all workers. Today, 70 percent of mothers with children under the age of 18 are working — up from 47 percent in 1975, says the Bureau of Labor Statistics.
So, what does this mean?
For starters, the increase of women in the workforce has fueled U.S. economic growth. The economy is 13.5 percent bigger than it would have been if women hadn’t increased the time they spent working for pay since the 1970s, translating to an additional $2 trillion in gross domestic product, according to the Economic Report of the President. What’s more, a study from the McKinsey Global Institute found that $12 trillion could be added to the global GDP — the value of all the goods and services produced in a country — by 2025 by advancing women’s equality in our society and the workplace.
Mothers contribute almost $1 trillion to the U.S. economy according to data from the U.S. Census Bureau’s 2015 survey.
Working mothers also have a positive influence on their children, according to a study by Harvard Business School. The survey showed that daughters of working moms earned 23 percent more than those of stay-at-home mothers, and sons were more likely to help with housework and spend time caring for children and family as adults.
Finally, many of these breadwinner women are leading their family’s financial futures. In a recent study by Allianz Life, 53 percent of women said they are responsible for managing their household’s long-term savings and investments. Further, 67 percent of women reported that becoming more knowledgeable and involved in managing their finances made a difference in their quality of life.
Chances are you or someone you know is among these working women who help strengthen the economy, inspire a generation of children and take charge of their family’s financial well-being. It’s a tough job, but the rewards are many.
Sources: Joint Economic Committee, U.S. Bureau of Labor Statistics, McKinsey & Company, PlanAdviser.com
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W. Dale Crossley, JD Financial Planner, RJFS
Evan M. Shear, CFP®, CERTIFIED FINANCIAL PLANNER™
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