By Aaronnette Jackson
January 9, 2015
Workplace dynamics have changed significantly from the 1950’s, women’s roles in particular. Although women have always been in the workforce, the percentage of those in high-income earning positions has increased over the years. According to data from the Economic Policy Institute, the average woman earned $15.45/hr in 1973 and $20.19/hr in 2003, a 31% increase. The types of positions women hold in the workplace have also changed over the past several decades. Research shows that by 2004, women accounted for half of all managerial, professional, and related occupations. Even with this change women continue to carry the major responsibility for household labor and other caregiving responsibilities.
Women have greater control over their finances today. “In 2011 women controlled more than 51% of the personal wealth in the United States.”* Women no longer feel that they need to marry to be financially stable and are living longer on their own. Despite women earning more money and having greater control over financial decision-making, women are still less likely than men to be able to afford or know how to save for the future according to a study by The National Women’s Retirement Survey. Because research shows that women are most likely to outlive their counterpart it is very important that they take advantage of the available financial resources and programs in the marketplace to help manage their financial future.
Currently, there are many organizations and resources available to women that provide education and guidance to help plan for the future including online webinars, online discussion groups, tools and calculators aimed to support and teach women how to secure their future financially. Taking advantage of these resources can equip women who may not know how to manage their finances and how to provide a stable and secure financial future for themselves and their families.
Below are a few resources that offer a variety of financial education tools for women:
TIAA –CREF – Woman2Woman Program
WISER Women – National Resource Center on Women and Retirement Planning
Prudential – Women & Money
Women, Wealth & Investing, http://www.buildbeyond.com/upload/its_a_cla_document_20130919080802_1/Women,%20Wealth%20and%20Investing.pdf
“Women’s Roles in the 1950s.” American Decades. Vol. 6. 2001. 278-280. Gale Group. 2005. 16 July 2008 http://find.galegroup.com.
Economic Policy Institute, http://www.epinet.org/content.cfm/datazone_dcnational