Is the future really female?

It is no secret that over the last 50 or so years, we have seen the number of women in the workplace skyrocket. However, a more well-kept secret is how these women are empowering our economy. According to 2015 data provided by the U.S. Census Bureau, women contribute nearly $1 trillion to the U.S. economy. And now more than ever, women are playing a bigger decision-making role in their family finances. About 80% of household purchases are women’s decisions as well.

 So, women have made great strides in the business world, but still may face many professional hurdles. Overall, women continue to trail male colleagues in both compensation and opportunities, even in the younger generation. A Pew Research Center survey found that 58% of working millennial mothers said that being a working mother makes it harder for them to get ahead at work, compared to 19% of millennial fathers.

Yes, women continue to face a lot of challenges, especially in the workplace. However, many companies have noticed these inequalities and are striving to fix them. While there are no U.S. Statutes mandating paid family leave, three states currently require it. Many companies have also started to implement paid family leave, as well as offering flexible work schedules. Several companies have started helping employees with childcare, through subsidized childcare policies or by having on-site childcare facilities. Lastly, while the infamous pay gap still exists, it has started to reduce in size. Individuals and companies alike continue to promote equal payment opportunities.

So, what can you do personally?

One of the biggest things women can do is support other women. Research provided by the National Academy of Sciences found that women who have a female heavy “inner circle” are more likely to move into leadership roles. Women in leadership positions help inspire other women to reach their potentials as well. And while in these leadership roles, women should make an effort to form meaningful mentorships. Through the policies we are starting to see within companies, and the support women provide for each other, opportunities available to women will continue to increase, and the economy will likely soar as well.

There has been great progress for women, and despite the challenges women often still face, societal norms and legal policies are transforming. This growth should help empower women even more, and kickstart economic growth. Because women are seeing great strides as professionals and entrepreneurs, they are often now leading the charge on managing the wealth of their families.

If you are a successful woman and are looking to explore how you can maximize your growth potential professionally and in life, contact us at pwa@keatinginc.com.

 

https://www.pewresearch.org/fact-tank/2015/03/10/women-still-bear-heavier-load-than-men-balancing-work-family/

https://www.forbes.com/sites/carleysime/2019/03/20/women-our-success-may-rely-on-one-another/#aae428a5cf87

 http://www.ncsl.org/research/labor-and-employment/paid-family-leave-in-the-states.aspx

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