A Glimpse Into the She-conomy Following the Recession

Women in the Workforce

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New national survey from Women & Co. reveals affluent women applying their growing financial knowledge and influence to break down taboo of talking about money and impart financial lessons.

Women in the Workforce

In the wake of the recession, women in the workforce are on the verge of outnumbering men in the workforce for the first time in history, according to the Bureau of Labor Statistics. The second annual survey by Women & Co., a financial community where wisdom, wealth and women meet, backed by Citigroup, uncovers how the economic downturn has impacted what women are thinking, saying, and doing when it comes to money in today’s She-conomy. Results of the latest survey, Women and Affluence 2010: The Era of Financial Responsibility, reveal that women are using their growing financial knowledge and rising influence to foster an open dialogue about money and usher in a new age of financial responsibility.

Women’s rising financial influence is breaking down the long-standing taboo of talking about money. As revealed in 2008, money is the #1 topic between mothers and daughters. This year’s results find that 91% of women are talking about finances with family members. These conversations are now extending outside the family, as well. The majority of women, over two-thirds, believe that in the wake of the economic downturn, talking about money is much more socially acceptable.

“It’s not surprising that women recognize it’s time for a new era of financial responsibility,” says Lisa Caputo, Founder, Chairman and CEO of Citi’s Women & Co. “Because we know from our conversations with women over the last 10 years and from the results of last year’s survey that they are knowledgeable, confident financial decision makers who consider themselves financial role models.”

Let’s look at some of the top findings from Women and Affluence 2010: The Era of Financial Responsibility.

Women and Finance

Women are ushering in a new era of financial responsibility in response to the economic downturn.

  • The one word affluent women most closely associate with wealth is security (54%), consistent with women’s views prior to the economic downturn (55% in 2008).
  • While over half (53%) of respondents believe the definition of wealth has changed for society overall, only 30% say their own definition has changed.
  • However, 7 in 10 women agree that now society believes that saving for the future and for emergencies is important.
  • 82% say they are knowledgeable about investing and finances, a significant increase from the 75% who said the same in 2008.
  • The majority of women now feel confident that they started saving for retirement at the right time in life. In 2008, less than half felt that way.

Women of Influence

Women’s rising influence is breaking down long-standing taboo of talking about money.

  • Today, 66% of women consider themselves the CFOs of their household.
  • 73% of full-time working women said they hold this position, compared to 68% in 2008.
  • In 2008, money was the #1 topic between mothers and daughters; today, nearly all, 91%, of respondents said they are talking to family members about money.
  • In the wake of the recession, two-thirds of women agree that money has become a topic much more open for discussion.

What are your thoughts on these findings? How has the economic meltdown affected your financial outlook?

This is a guest post by Women & Co., a vehicle for insightful women to build their financial knowledge, bolster their confidence, and create financial strategies. Through access to education, resources, and a network of financially minded women, Women & Co. is the place where wisdom, wealth and women meet. To learn more, visit womenandco.com.

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1 thought on “A Glimpse Into the She-conomy Following the Recession

  1. Although I want to hide my head in the sand sometimes when it comes to finances, I understand the importance of dealing with it head on. Ignoring my financial situation won’t make it go away, or make it any better. When I feel that I’m in-control and aware of my finances I feel better – when I’m not paying attention I feel anxious. My approach to finances is different than my husband’s, I’m more black and white and like to see specific monies put aside for specific accomplishments. My husband seems comfortable working in a less structured manner, but in the end I usually didn’t quite understand the consequences of certain expenses, and what it meant in the long run for our plans.
    .-= Frog Hollow Farm Girl´s last blog ..I Skip Town Every Other Thursday =-.

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