HOUSTON, Texas – Times are changing, folks, and it looks like so-called girl power is not a joke.
“This is a very exciting time for women and money,” said financial advisor Jennifer Roosth.
Economists have been saying for a while that women will soon control two-thirds of consumer wealth in the United States and inherit from $12 to $40 trillion from both parents and husbands. This is the largest transference of wealth in our country’s history.
“This is happening for a number of reasons,” explained Roosth. “First, women are getting jobs, they are supporting themselves and they’re investing their own money. Second, women have a longer life expectancy than men.”
But, how responsible are the ladies with the credit card?
“Women like to shop. It’s a fun activity.”
There’s always a reason to hit the mall and try some retail therapy, don’t you think?
“Yes, spending money feels good,” agrees Roosth. “All of a sudden there’s a high, you get a cute outfit, your friends are impressed with you.”
Although, power-shopping is never good for your retirement savings.
“There needs to be a shift in how we think about finances and investing in our future selves as much as we would in our current selves,” she suggested.
In conclusion: with great power comes great responsibility.
“As women are stepping up with household finances, that’s kind of the gateway into them stepping up as investors.”