In 1970 only 50% of women aged 25 to 54 contributed to the workforce. That figure has risen to 75% since then. Currently, women earn 80 cents on the dollar compared to their male counterparts which are a drastic improvement from the 59 cents on the dollar in 1970. In addition, the number of stay at home fathers has doubled since 1989.
Currently, more women are enrolling in college than men. There is now an education gap between married couples. It is now more common for a woman to be more educated than her husband. In 1980 only 13% of women earned as much or more money than their husbands. That number increased to 31% by 2017. In 1970 there were no female C-level executives in the Fortune 500. Currently, there are 33 and every company in the S&P has one or more female board members.
These changes have increased women’s spending power and their say in familial financial decisions including vehicle and home purchases. Working wives and mothers may also be a driving force in the booming delivery service and e-commerce industries. Businesses are also having to change the way they market now that women are more prominent financial decision-makers.
Women and men also have differing opinions on how to use their disposable income. According to Merrill Lynch, 41% of women say they would use their disposable income to pay off debt versus just 36% of men. Single women also spend more money on groceries, health care, and shopping. The study found that single men spent significantly more on their cars.
For more information contact your Yuba City bankruptcy attorney (530) 797-4402.
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