Let’s do something my polite Southern grandmother told me never to do. Let’s talk about money. Let’s talk about women and money to be exact. Fact is, women control more spending than the entire national economy of Japan. For those of who don’t know that number right offhand, that’s $14 trillion.
Over the last 20 years, women’s income has climbed 63% while men’s has eeked up a paltry 0.6%. That’s largely due to the influx of women into the workplace. Today, more than 60% of women work – that’s around 151 million women, thank you very much.
So where are all these well-paid women coming from? Graduate school, baby. Women are half the class at law school, medical school and business school.
In more than half of all American homes, it’s women who bring home more bacon than their male counterparts. And in a quarter of American homes, there is no male counterpart – single women bring home all of the bacon as well as the beef and chicken.
But women are doing more than working for their money. They’re also inheriting it. Women already control more than half of the country’s personal wealth and comprise 43% of individuals with assets more than $500,000. On top of that, Boomers are inheriting record amounts of money from their penny-pinching parents in the largest intergenerational transfer of wealth EVER. And, since women live an average of seven years longer than men, these same well-heeled women will also inherit from their husbands.
Still think that women don’t need to worry their pretty little heads about money? Still think there’s no need to market to women? There are 14 trillion reasons why you might want to reconsider.