By Suzanne Hazlett, MBA, CIMA®, CFP®
The 19th 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 were denied political and financial autonomy, 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 percent 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 40 years, women are expected to inherit $28.7 trillion in intergenerational wealth. (Forbes)
96 percent of women have a primary or shared responsibility for family financial decisions, and women drive nearly 80 percent of consumer purchases through buying power and influence. (Forbes)
Women are the primary income earners in 40 percent of U.S. households. This percentage represents nearly a 400 percent increase from 1960. (BMO Wealth Report)
In the workplace, 30 percent of private businesses are owned by women, while women hold 52 percent 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 percent of associate degrees, 57 percent of bachelor of arts and science degrees, 60 percent of master’s degrees, and 52 percent 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 every presidential election since 1980, the proportion of women who voted has exceeded the proportion of men 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.
Suzanne Hazlett, MBA, CIMA®, CFP® is an investment advisor and financial planner. You can learn more by visiting HazlettWealthManagement.com. 675 Sun Valley Road in Ketchum, Idaho, 208.726.0605. 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.