Purse strings and Politics
Originally published in The Sun Valley Source
“The personal is political.” It is impossible to know who first uttered the phrase. The meaning is interpreted to convey that political and personal issues affect each other. Indeed, it may be argued our pocketbooks, while personal, are also political.
The Nineteenth Amendment to the U.S. Constitution affirmed the right of American women to vote. The year 2020 marks the centennial of women’s suffrage in the United States.
“The right of citizens of the United States to vote shall not be denied or abridged by the United States or by any State on account of sex.
Congress shall have power to enforce this article by appropriate legislation.”
Nineteenth Amendment to the U.S. Constitution
Passed by Congress June 4, 1919
Ratified August 18, 1920
While early 20th century women controlled few financial resources, by 2020, $22 trillion of American personal wealth is expected to be controlled by women – more than half of the country's private piggy banks. The Wall Street Journal has stated that by 2022, women will own more than 60% of the wealth in the country. For a multitude of reasons, this trend of growing economic power held by women is expected to continue.
Over the next forty years, women are expected to inherit $28.7 trillion in intergenerational wealth. (Forbes)
96% of women have a primary or shared responsibility for family financial decisions, and women drive nearly 80% of consumer purchases through buying power and influence. (Forbes)
Women are the primary income earners in 40% of U.S. households. This percentage represents nearly a 400% increase from 1960. (BMO Wealth Report)
In the workplace, 30% of private businesses are owned by women, while women hold 52% of management and professional positions. (BMO Wealth Report)
Women are more educated than men. According to research completed by Georgetown University, women hold the following – 61% of Associate degrees, 57% of Bachelor's degrees, 60% of Master's degrees, and 52% of Doctoral degrees.
The political power of women is also growing. According to the Center for American Women and Politics at Rutgers University, there are apparent gender differences in voter turnout: "In recent elections, voter turnout rates for women have equaled or exceeded voter turnout rates for men. Women, who constitute more than half the population, have cast between four and seven million more votes than men in recent elections. In every presidential election since 1980, the proportion of female adults who voted has exceeded the proportion of male adults who voted."
As women gain in areas of wealth, education, and political governance, the connection between their financial and political franchise will continue to strengthen. “The personal is political.”
DISCLOSURE: Purse Strings and Politics. Suzanne Hazlett, MBA, CIMA®, CFP®, is a Certified Investment Management Analyst® and CERTIFIED FINANCIAL PLANNERTM. HAZLETT WEALTH MANAGEMENT, LLC is independent of Raymond James and is not a registered broker/dealer. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. 675 Sun Valley Road Ketchum, Idaho, 208.726.0605. HazlettWealthManagement.com
