All of those college degrees women are earning these days and the evolution of family structure have contributed to a mom phenomenon: Mothers contribute almost $1 trillion to the U.S. economy, according to data from the U.S. Census Bureau’s 2015 survey. Further, the Senate’s Joint Economic Committee reports that women provide nearly 40% of household earnings for families with working mothers.
Women have become a major economic force, changing the modern workforce and making up 47% of all workers. Today, 70% of mothers with children under the age of 18 are working – up from 47% in 1975, says the Bureau of Labor Statistics.
SO, WHAT DOES THIS MEAN?
For starters, the increase of women in the workforce has fueled U.S. economic growth. The economy is 13.5% bigger than it would have been if women hadn’t increased the time they spent working for pay since the 1970s, translating to an additional $2 trillion in gross domestic product, according to the 2016 Economic Report of the President. What’s more, a study from the McKinsey Global Institute found that $12 trillion could be added to the global GDP, the value of all the goods and services produced in a country, by 2025 by advancing women’s equality in our society and the workplace.
Working mothers also have a positive influence on their children, according to a study by Harvard Business School. The survey showed that daughters of working moms earned 23% more than those of stay-at-home mothers, and sons were more likely to help with housework and spend time caring for children and family as adults.
In a recent study, 53% of women said they are responsible for managing their household’s long-term savings and investments.
Finally, many of these breadwinner women are leading their family’s financial futures. In a recent study by Allianz Life, 53% of women said they are responsible for managing their household’s long-term savings and investments. Further, 67% of women reported that becoming more knowledgeable and involved in managing their finances made a difference in their quality of life.
Chances are you or someone you know is among these working women who help strengthen the economy, inspire a generation of children and take charge of their family’s financial well-being. It’s a tough job, but the rewards are many.
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