Women: The New Financial Power Players

Here’s an unexpected silver lining to the Great Recession: Some women have not only survived those turbulent economic times, but have emerged with a new sense of financial savvy.

According to new findings from The Allianz Women, Money, and Power Study — which surveyed more than 2,000 women ages 25-75 with a minimum household income of $30,000 a year – some women, identified as “Women of Influence,” have a higher need for financial control, and more desire for increasing their financial knowledge, according to the study.

Taking Charge At Work and At Home
The economic recovery has put yet another spotlight on women’s issues. Not only are we making steady gains in the workplace, but we’re also playing an increasingly crucial role in financial affairs at home. The Allianz study noted, “As women have become more empowered in the workplace, they have also become more empowered in handling financial matters.” Also, according to the study, the “balance of power appears to be shifting toward women” when it comes to earning, with more than 57 percent of women surveyed having more earning power than ever before and almost two-thirds (60%) saying they are the primary breadwinners in their household.

According to Randstad’s research, women have an increasingly positive outlook on the overall economy. Randstad’s quarterly Employee Confidence Index showed that 30 percent of women surveyed believe the economy is getting stronger in the second quarter of 2013, a seven point increase compared to Q3 2013.

Forbes: ‘She’s Here. She’s in Charge. Get Used to It.’
The growing financial power of women only underscores the need for companies to properly target female audiences. As a recent Forbes article puts it, “The reality is that many marketing campaigns are still terribly out of step, and continue to be designed on the premise of the bread-winning male head-of-household. She’s here. She’s in charge. Get used to it.”

What’s missing is female perspective at the leadership table of major companies and we still have a far way to go as far as closing that gap. In the U.S., more women than men are graduating from college and women constitute the largest consumer base for many organizations – yet women hold only 15.7 percent of board seats of Fortune 500 companies.

As we continue to make our mark at work and at home, we should highlight the unique strengths we offer, such as well-rounded insight, emotional intelligence, empathy and the list goes on. Let’s continue to advocate for ourselves and watch our influence grow at work, at home and on the overall economy.

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