This week’s Time magazine cover story, “The Richer Sex” by Liza Mundy, shares how women are overtaking men as America’s breadwinners.
I’m not surprised at this phenomenon, when you look at what’s been brewing for not only the last few years in an intense way, but even over the last several decades, as women have gained so much ground in the world of work and business.
I really want to put this into perspective, because most of us are not TRULY taking in what a HUGE shift this means for us—not only economically but socially.
Not since women entered the workforce by the millions after World War II has our country seen economic change on this scale.
In 2009 (the most recent year U.S. Bureau of Labor stats are available) nearly 4 in 10 working wives outearned their husbands. This is an increase of over 50% from 20 years prior. And the trend is predicted to keep growing.
Of course, I personally am MOST excited also about the fact that more women than ever before are starting businesses of their own, and using them as their tool to freedom via financial empowerment. But, I’m going to focus today on the breadwinner aspect.
TAKE THIS IN: NOT IN THE ENTIRE HISTORY OF RECORDED TIME, SINCE WE WERE ALL CAVEWOMEN AND MEN, HAS THIS EVER HAPPENED!
WE are the wave. WE are experiencing this. WE are creating this.
What does this REALLY mean?
This brings a huge shift in the roles that women and men have played for thousands of years. Mundy writes, “The primary role men have played since they departed the cave in pursuit of bison and wooly mammoths and marched forth in flannel suits to earn paychecks in the Mad Men era will be passed on to women. The impact will be felt everywhere, from the classroom to the boardroom to the bedroom, in how men and women work, play, shop, vote, save and share and court and even love each other.”
In following posts, I’m going to comment further on the dynamic this brings for men and women socially, but today I want to focus solely on the money issue.
Money isn’t everything, we know. But money sure is a powerful tool… especially for freedom. Historically, it’s dictated how societies are organized and who has all the power. Read Mundy’s article for fascinating quotes from an 1868 London Times issue, in which it cautioned that granting women the right of their own identities and property rights would destroy marriage and society in general.
Yes, we’ve come a long way, baby. Wow.
But here’s the problem…
But I have to agree with the Daily Worth that Time missed a powerful piece to this trend.
In their March 19 issue, they said: “Female breadwinners may be on the rise, but women are not poised to become “The Richer Sex” as Time’s cover boasts. Far too many women are stuck in a financial time warp where managing money means being FRUGAL—not building WEALTH.”
(Caps added by me for emphasis.)
Wow, did you catch that?
Ouch.
It’s TRUE.
Are you focused more on clipping coupons and fretting about the price of gas… more so than you’re focused on increasing your worth and building wealth for yourself and your family?
For most of the women I coach, it’s absolutely true.
Daily Worth sadly points out thatwhile more of us are the breadwinners now, we are still dramatically behind when it comes to managing money and building wealth.
And then I noticed Time’s cover image: the old women’s bathroom icon, clothed in $1 bills.
As Daily Worth pointed out rightly: It’s time we make it $100s.
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PLEASE SHARE: How do you feel about this? Are you the breadwinner? And are you a business owner? Or an employee? Please comment below…