Women are at a sea change moment in American society. Currently, we control 51.3% of all private wealth in the United States, which will amount to almost $12.5 trillion dollars in 2012. More and more women are the primary breadwinner in their household (almost 40%) and we account for 85% of the household spending decisions. In the past ten years, the number of women holding management positions in the United States has doubled. For the first time in history, we hold an unprecedented power when it comes to spending and earning money.
As Simone De Beauvoir said, “civil liberties are theoretical if they are not accompanied by economic freedom.” Although she spoke to women at an earlier time in history, her quote still rings true today. We may be making more money, and spending it more freely, but women are still behind the curve when it comes to financial literacy. Compared to men, fewer of us pay our credit cards back in full. We are far less comfortable with the stock market. Fewer than half of us are able to answer basic financial literacy questions when surveyed.
We still don’t know how to prepare ourselves for our financial futures, which would give us power as we work through the inevitable hardships that define human life.
GoGirl Finance’s goal is to help women gain confidence when dealing with money.