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The Changing Landscape of Women and Wealth

A reflection on how far we’ve come, and insights for making the most of the future

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National Director of Women & Wealth Steph Wagner sat down with Head of Banking & Specialized Services Glenda Pedroso for a thought-provoking conversation on the state of women and wealth.

We hope you enjoy learning about the great financial strides women have made over the last half century, opportunities for their continued economic advancement, and what you can do to make the most of your financial life.

The following transcript has been edited for clarity.

Glenda Pedroso: When it comes to women and wealth, we're living in extraordinary times. Our economy is on the precipice of a monumental shift. By the end of this decade, women are projected to control $30 trillion.1 Just let that sink in for a minute; think about what that means in terms of our growth and financial empowerment and influence — it’s extraordinary. And Steph, I think that's where I'd like to start. Why don't you talk a little bit about our growing power and influence?

Steph Wagner: Absolutely. You mentioned that $30 trillion. I think it’s important to note that today we're actually at $10 trillion.1 So when we go from $10 trillion to $30 trillion in such a short period of time — that’s five to seven years — it really is mind-blowing.

But when we think about the driving force behind this $30 trillion, of course inherited wealth is a big factor. In fact, it’s estimated that 70% of all inherited wealth — that’s wealth that’s going from one generation to the next — is going in the hands of women.2 But it’s important to note that women are creating wealth at an unprecedented rate. In fact, 50% of all working women today are earning as much or more than their husbands. And what’s interesting is that number has tripled over the last 50 years.3 That's a lot of progress. Also, 40% of all businesses today are run by women. That’s especially impressive when you think that, in just the 1970s that number was 5%.4

GP: That’s incredible.

SW: And these businesses are contributing almost $3 trillion to the U.S. economy, and 12 million jobs have been created by these women-led businesses.5 And it's not just women earning, there's a ripple effect of that power into the economy that I think is so impressive. And of course, Glenda, you know, a great example of this is Taylor Swift.

GP: Oh my gosh, the best.

SW: Her gross ticket sales, I think, were to the tune of $2 billion, but the purchasing power of her fan base as a result of those concerts was actually $10 billion.6 It's mind-blowing.

GP: To say nothing of the impact she's had on the NFL.

SW: That's right. It’s a great example. I also want to make mention of the purchasing power that women have today. In fact, 85% of all purchases are being driven by women and decided by women.7 And one stat that gets me really excited, given my passion for this, is that today, about 90% of women say in some way, shape or form, they are involved in their household daily finances8 — which is a far cry from our great-grandmothers and our great-great-grandmothers. So a lot of progress there, too, that I think is worth mentioning.

Women’s Economic Power

$30 trillion projected to be controlled by women by 2030 (McKinsey)

Almost 50% of working women are earning as much as or more than their husbands (Pew Research)

40% of all businesses are run by women compared to 4.6% in 1972 (Women Business Enterprise National Council)

$2.7 trillion in sales is generated by women-owned businesses (National Association of Women Business Owners)

Nearly 12 million people are employed by women-owned businesses (National Association of Women Business Owners)

85% of consumer spending is controlled or influenced by women (World Economic Forum)

GP: That's wonderful. And it is exciting. 

So, we've obviously made incredible strides, but you and I can both remember what it used to be like. Well, let me say that differently. I certainly remember what it used to be like. You're a little younger.

SW: Not much!

GP: But why don't you take us back and talk to us about where we were and what the evolution has been to contextualize all of this great progress.

SW: Well, that's an important point because it's really great to celebrate these milestones, but it becomes even greater and more impactful when we think about how far we've come in such a short period of time. So, yes, in our lifetime, in 1974 — and up until that that year — banks could deny women credit, or they could force them to have to get a male cosigner or even charge them a higher interest rate.

I think another fact is in the 1960s, women couldn't even get a bank account without their husbands' permission.

GP: Isn’t that unbelievable?

SW: It really is. Even in the '80s, jointly owned property could be unilaterally sold by a husband without their wife even knowing it. And that was just, again, in the 1980s.

GP: Not that long ago.

SW: No, and when you think about that, in sharp contrast to the Taylor Swift example, it's quite impressive.

GP: It is truly. Good thing it's coming our way.

SW: Yes, absolutely.

GP: So yes, we've clearly made great strides. But in as much as we've accomplished a lot, I think that there's still a lot that needs to be done, right? So I'd love for you to talk a little bit about the challenges that you still see ahead, or looking at it more positively, where is the opportunity for us?

SW: Sure, especially as we think about the next 50 years. So as far as we've come, the one thing that I'm still seeing is that, women are still abdicating to their male partners those long-term financial decisions. Yes, they're involved in the day-to-day. Fabulous. We're certainly seeing that, particularly with the younger generation. But when women do marry, there is still this tendency, generally speaking, to defer long-term financial decisions — the investments, the financial planning, the estate planning — to our male counterparts. And I think what might shock you is it's been reported that married millennials of wealth are doing it more than any other generation.

GP: That’s incredible to me.

SW: It really is. I think it's worth noting, Glenda, that the reason behind it has changed. It's not the same as why the traditionalist generation were or the boomers were. Let's face it, we are living in a time where there are more dual-income families than ever, and with the rising cost of living and the pressure of that, there's a lot more tendency to divide and conquer. We have to, right?

But wealth is becoming more complicated. When you consider this, alongside the main reason studies say many women tend to abdicate financial decisions — a lack of confidence — the truth is that it’s all in our heads.

Only 34% of women (compared to 49% of men) feel comfortable making investment decisions. (Global Financial Literacy Excellence Center)9

yet . . . 

Women investors outperformed men by an average of 1.8% over a three-year period. (Warwick Business School)10

I think it's interesting because we believe we're making progress — and we are — but when you consider the issue of deferring financial decisions and how it's affecting the younger generation, it's clear that change is needed. And that's where the opportunity lies. 

GP: That's great. Where do you see the landscape changing? Because there are challenges that I think that — even in real time, things are changing. So, can you talk a little bit about what the more significant trends are for women now and looking forward?

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Sources

1. “Women as the next wave of growth in US wealth management.” McKinsey. July 29, 2020.

2. “Riding the wealth transfer wave.” ABA Banking Journal. January 27, 2025.

3. “In a Growing Share of U.S. Marriages, Husbands and Wives Earn About the Same.” Pew Research Center. April 13, 2023.

4. “Behind the Numbers: The State of Women-Owned Businesses in 2018.” Women’s Business Enterprise National Council. October 10, 2018.

5. “U.S. Women Business Owners By the Numbers.” 2023. National Association of Women Business Owners.

6. “The end of an era: How Taylor Swift boosted the US economy.” CNN. December 8, 2024.

7. “Unlocking the trillion-dollar female economy.” World Economic Forum. May 31, 2023.

8. “Women taking bigger role in family finances, despite men: Report.” Investment News. June 10, 2020.

9. “Mind the Gap: Women, Men and Investment Knowledge.” Global Financial Literacy Excellence Center and FINRA Investor Education Foundation. March 2020.

10. “Are women better investors than men?” Warwick Business School. June 28, 2018.

11. “The Growing Gap in Life Expectancy by Income.” Congressional Research Service. July 6, 2021.

12. “U.S. centenarian population is projected to quadruple over the next 30 years.” Pew Research Center. January 9, 2024.

13. “The Graying of Divorce: A Half Century of Change.” The Journals of Gerentology: Series B. April 6, 2022.

14. “Widows Move Forward on Their Own — But Not Alone.” Kiplinger. May 30, 2021.

15. “Family Diversity is the New Normal For America’s Children.” Philip Cohen, University of Maryland. September 4, 2014.

16. “Modern Families Need Modern Estate Plans.” Hugh Magill, Northern Trust. 

17. “Growing share of childless adults in U.S. don’t expect to ever have children.” Pew Research Center. November 19, 2021.

18. “Share of U.S. adults living without a romantic partner has ticked down in recent years.” Pew Research Center. January 8, 2025.

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