For women, managing our finances on our own terms is a relatively new concept. Over the past half-century, women’s financial independence has soared. Our earnings, education, workforce participation, entrepreneurial ventures and car and homeownership rates have risen to unprecedented levels, according to a recent Bank of America Institute publication.
As Women’s History Month concludes, it’s a time to reflect on the progress we have made, acknowledge the challenges that remain and leverage our growing economic power. As a woman in financial services, I’ve not only witnessed the generational shift in women’s financial awareness and empowerment — I’ve lived it.
In 2002, I made the difficult decision to step away from my commercial banking role at Bank of America to raise my young daughters. I was not sure how it would affect my long-term career prospects. However, the experience also gave me a unique perspective on the challenges women face, and I was lucky to have mentors who helped me navigate my return to the bank seven years later.
Looking ahead, the financial landscape will be significantly shaped by the growing number of women ages 50 to 70 — projected to reach 2.1 billion globally by 2050, according to BofA Global Research. I’m part of this powerful wave of women, who possess more independence and opportunity than our predecessors.
We are set to inherit an estimated 95% of the $54 trillion being transferred to surviving spouses in the Great Wealth Transfer, and what we do with it could have massive implications for market stability and growth. For example, women generally tend to be more risk-averse in their investing habits, per a 2024 publication from the Bank of America Institute. As a result, women have historically allocated smaller percentages of their investments to equities and riskier assets, compared to men.
However, investing is only one piece of the puzzle. With incomes surpassing $100,000, women over 50 years old wield significant purchasing power, influencing 95% of household purchases and making 80% of travel decisions. From sports to solo travel, women are set to change entire sectors and boost demand for products and services that have been undervalued in the past.
Take women’s sports, for example. As a former soccer player myself, I’ve seen how the values I learned on the field — leadership, teamwork, resilience and a competitive spirit — helped set me up for success in my career. But that’s not all: the World Trade Organization estimated that the 2023 FIFA Women’s World Cup tournament added nearly $1.9 trillion to global gross domestic product, generated approximately 40,000 jobs and added roughly $1 billion to household incomes — signaling a powerful message of women’s sports fueling economic growth. The scale of opportunity is incredible, as is the need to equip younger generations of women with the tools to become financially savvy — starting now.
Luckily, they are already proactively taking control of their financial futures, according to BofA Global Research. This is driven by a confluence of factors, including higher college and postgrad education rates and greater access to resources and role models, and is reflected by the fact that three-quarters of women under 45 now manage their own finances versus just half of women over 55, according to a recent Merrill study.
This Women’s History Month, let’s recognize the incredible progress that has been made — and continues to develop for women and their finances. Women are earning more, starting businesses and investing in homes. It’s not just about individual gains; the collective success of women is a powerful catalyst for community development and economic growth.
Credit: Wendy Stewart/contributed
Credit: Wendy Stewart/contributed
Wendy Stewart is president of Global Commercial Banking at Bank of America, one of the firm’s eight lines of business. Wendy leads a team of bankers that deliver integrated financial solutions to public and private companies with annual revenues of $50 million to over $2 billion, with clients in more than 115 markets and 15-plus countries.
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