According to a new study by Prudential Financial, the majority of women today are financially responsible for providing their own and their families’ income. Among the 1,400 women surveyed, 53 percent are primary breadwinners, and 22 percent of women who are married or living with a partner report being the one who makes the most money. The research concludes that these recent findings are largely due to the impact of the Great Recession.
The 2009 National Marriage Project report, “The State of Our Unions,“ found that women offer more risk-management capabilities when it comes to managing the household investment portfolio. The study revealed that while husbands are more focused on performance, women view investments as a way to help secure their family’s financial future.
The study also concluded that since the beginning of the nation’s economic downturn, millions of Americans have relied on their own marriages and families to weather this economic storm. “The recession reminds us that marriage is more than an emotional relationship; marriage is also an economic partnership and social safety net. There is nothing like the loss of a job, an imminent foreclosure, or a shrinking 401(k) to gain new appreciation for a wife’s job, a husband’s commitment to pay down debt, or the in-laws’ willingness to help out with childcare or a rent-free place to live,” according to one of the report’s authors.
According to the Institute for Women’s Policy Research, in the last three years of the recovery, men have recaptured 46.2 percent of all the jobs they lost since the beginning of the recession. Women are about 10 percent behind, having gained back 38.7 percent of jobs lost. Many of the job losses for women came from the public sector, as they are more concentrated in Government than men. However, growth in non-government jobs in the health and education sectors–the largest industries for women’s employment–have helped their recovery numbers.
One of the key lessons we’ve learned throughout these recessionary times is how to buckle the belt when there is no other option. If your household has acquired a new income source in light of economic growth and recovery, consider maintaining those spending controls and assigning the new income stream to a disciplined investment or savings strategy. After all, the lessons we learn today can go a long way to securing our future tomorrow. Please contact us to discuss this learning opportunity further.
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Source: Woods Blog Old