The Power of a Woman's Economic Voice

Women are rapidly reshaping the economic landscape. Today, women control and influence more personal wealth than in previous generations. Both the amount and the rate of increase are extraordinary. While societal shifts have been developing for years, the full financial impact is only now beginning to be felt. As women exercise their growing economic voice and align their wealth with purpose, there is tremendous potential to release resources for good through families, communities, and the world. Consider four major shifts and their economic impact.

SHIFT 1:

Women are achieving new heights in education, thereby increasing their earning power. By waiting longer to marry, women are increasing their early earning capacity.

• Women comprise 62% of college graduates. More than half of all doctorate degrees are earned by women.

• In the following professional roles, 39% of physicians2, 41% of attorneys3, and 57% of CPAs are women.

• Among women 25-54 years old, 78% work outside the home.

• One in four first-time homebuyers is a single woman.

• Women make 80 percent of all consumer purchasing decisions.

SHIFT 2:

Women live longer than men. As a result, most women will inherit family wealth and will manage it on their own.

• The average age of widowhood is 59.8 The life expectancy gap is widening. Women live, on average, 5.8 years longer than men.9 It is estimated that 90% of women will manage their wealth on their own.

• Women are estimated to inherit $124 trillion in wealth through 2048, with $54 trillion transferred horizontally to spouses, mostly widowed Baby Boomer women.

• Women own 34% of all investable assets in the United States. However, an estimated 53% of these assets are not currently managed with the assistance of an advisor.

SHIFT 3:

Women are taking their ideas to market and creating the life they want to live.

• Women-owned firms account for 39% of all closely held enterprises in the U.S., which employ 12.9 million and generate $3.3 trillion in revenue.

• An envisioned lifestyle of freedom, flexibility, and control is a primary motivator for starting a business.

• One in eleven working-age women is an entrepreneur.

SHIFT 4:

The concept of wealth is changing as women’s economic voice strengthens.

• Women tend to measure wealth holistically. More than money, true wealth is comprised of financial, physical, and spiritual health, social, and intellectual wealth.

• “My progress is not generated by a quest for money or a quest for being bigger, but a quest for being better.”

• Financial reserves represent freedom. Money is a tool and has meaning only as it serves a purpose.

• Female investors exhibit positive traits for smart investing. Studies show that women tend to be studious, patient, holistic, and methodical in their approach. Ethical investing is fundamental for most women.

As women, what can we do now to prepare as faithful stewards?

Let’s use the analogy of traveling to think through how we prepare. We begin by considering where we are going, what it will be like, and what we will need to get there—a passport, a suitcase, outfits, and more. Next, we look in our closet to see what we already have on hand. Finally, we talk about our trip with others! We ask, “What do you know and what do you recommend?” We anticipate. We plan. We prepare.

Similarly, we can approach our stewardship preparation. With a prayerful heart and journal in hand, consider the following writing prompts:

Dream: Envision life in five years. Awaken your senses. What does it look like, sound like, and feel like? What values are illustrated in your life? Confident that God is with you, what would you explore? Inventory: What is in your hand already? When God called Moses to a tremendous journey, Moses was reluctant and offered many reasons why he could not embark on such a great calling. Finally, God says to Moses, “What is that in your hand?” (Exodus 4:2). Moses’ response was a shepherd’s staff—such an ordinary object! Likely, Moses did not see this tool as something God had given him that would be instrumental in his calling. This message may be for us as well. Prayerfully consider, what do you have in your hand? Relationships? Resources? Financial means? Knowledge and experience? Even your hardships can be a useful guide in your purposeful journey. Ask God to show you what is in your hand and write it down.

Now it is time to be intentional. If we want to live and give well, we must plan to do so.

Talk about it: Now it is time to be intentional. If we want to live and give well, we must plan to do so. Find a like-minded advisor to share your vision of the future. Partner with them to help you make the journey as a faithful steward. A kingdom-minded advisor will help you strategize to reach your goals and strengthen your economic voice.

As women, we can make real change. God is resourcing women as never before. May we be intentional in using what is in our hands for His glory and the good of those around us.

This article was published in our Faithful Steward magazine, a quarterly publication filled with encouraging stories, biblical teaching, and practical tools to help you grow as a wise and joyful giver. If you'd like to begin receiving Faithful Steward, consider becoming a FaithFi partner.