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Practical Planning Tip: Women and Wealth - Background Information

March 14, 2024

Today we’re going to discuss women & wealth. Since it is Women’s history month, The videos through the end of March will be on this topic and TODAY I will share some statistics to set the stage for more in depth planning strategies for female investors..

It’s important to recognize that the growth of women in the workforce has increased significantly over the past few decades. Women are more successful and financially independent than any time in history. The growth of this demographic presents an opportunity for practitioners to address a unique set of circumstances that may not be prevalent with their male clients.

And Here are some numbers to consider:

First, The percentage of women in the workforce has increased significantly over the past few decades. Women accounted for only 32.7% of the U.S. labor force in 1948, but by 2022, the percentage grew to 56.8%.

Women have especially made notable gains in professional and managerial occupations. And, As an example, In 2023, 39% of all lawyers are women, compared to less than 1 in 10 in 1974.

Women own close to 10 million businesses in the United States, which accounts for $1.4 trillion in receipts.

And in 2019 women surpassed men as the majority of college-educated workers in the United States. Yet, as it is frequently reported, women continue to earn less than men, with Women still earning only 83% of their male counterparts’ salary.

In my next video we will highlight REOCCURRING THEMES that come up when working with female clients, that will further set the stage to discuss more advanced financial planning strategies for women.

You can WATCH the full video here.