The increased presence of women in the workplace has been well documented, and the results are in: Today, women are playing an increasingly significant role in their family finances.
The exponential rise in the number of “bread-winning” women is staggering. Recent statistics provided by CNBC.com writer Kelli B. Grant show that 42 percent of U.S. working women are either the sole or primary breadwinners of their families. It is also estimated, according to Fairygodboss, that 65 percent of women, irrespective of their earning status within their families, are currently employed. These percentages have more than doubled in the past 20 years with further growth expected.
The days of the full-time, stay-at-home mom are long past. The new reality is that working women contribute significantly to their families’ bottom line, their communities and the overall U.S. economy.
While this dynamic shift for women in the workplace is positive, it comes with significant challenges. Employed women struggle with juggling their home and work responsibilities. The demands are daunting, as women spend twice the amount of time men do in combining their job requirements with household duties like cooking, cleaning and the care of young children or, in many cases, elderly parents.
As a result of these significant demands on their time, bread-winning women either ignore or are unable to properly manage their financial objectives. Surveys show that most women put their money in the bank and want nothing to do with managing it. Statistics also show that women live longer than men, so procrastinating can be an expensive mistake in terms of lost investment opportunities and asset growth.
It is time for women of wealth to take control of their finances and work on a financial plan to ensure their future financial well-being. Fortunately, there are a multitude of ways that this can be done.
First off, working moms need more free time to establish a solid financial plan and manage their hard-earned assets. As a start, our first recommendation is for them to outsource some of the household chores, as there are only so many hours in the day. Second, and more important, women need to meet with and engage financial planners and wealth managers who can professionally manage their assets. Whether you’re a man or a woman, a parent or a single person just starting out, surrounding yourself with trusted financial advisors is paramount for taking those essential, proactive steps to safeguard and grow your net worth.
The progress made by women in today’s society is nothing short of spectacular. Now, it’s time for them to take control of their finances and put their accumulated assets to work.