Women Are the Market: The Rising Force Transforming Wealth

A sea change has been occurring across the U.S. for the past several decades, and if you’re not paying attention, you should be. More women are the financial decision makers in their households. More women are running their own businesses. More women are building and growing wealth, and more women control wealth. As 50% of the U.S. population, women are not a niche market.¹ They are half the market, yet they have often been underserved, patronized, or overlooked. However, we see this changing. At 1919 Investment Counsel, our focus is on being part of that progress.

Women Are Key Decision Makers

As women’s roles continue to expand, they have become a powerful financial force, increasingly serving as key decision makers in their households—shaping consumer spending, generating income, and influencing educational choices.

• Consumers & Influencers –According to Bloomberg, women drive 70-80% of all consumer purchasing decisions for their families.² These decisions often have a wide-reaching effect as women—often caregivers for younger and older generations—make buying decisions for immediate and extended family members, such as parents and in-laws. According to the CFP Board’s 2024 survey, 69% of women report being the household’s primary decision maker, and 60% of married women report being the main financial decision maker.³
• Primary Breadwinners –In 45% of marriages, wives earn the same amount as their husbands or out‑earn them.⁴ Of these, 16% of marriages have a female primary earner,⁵ and another 29% report earning about the same. Overall, wives earn the same or more in 45% of marriages.⁶ Many of these higher-earning women are college educated.
• Highly Educated – According to the National Center for Education Statistics, women earned approximately 57% of the bachelor’s degrees awarded by U.S. institutions of higher education in the 2016-2017 academic year. Women are now the majority of the college-educated labor force (about 51%), as of August 2024.⁷

Women Are Leading By Example

As their roles have evolved, women continue to make inroads into entrepreneurship, corporate boards, and political office.

• Designed By Women For Women – Between 2019 and 2023, the number of women-owned businesses grew at nearly twice the rate of those owned by men—and from 2022 to 2023, that growth accelerated to more than four times faster.⁸ Women-owned businesses now account for 39% of all businesses (over 14 million), employing 12.2 million workers, and generating $2.7 trillion in revenue.⁹ Many of these businesses are providing innovative products and solutions for female consumers.
• Political Progress –More women are running for political office than ever before; 152 members of Congress are women (126 in the House, 26 in the Senate)¹⁰. Women now make up nearly a quarter of its voting membership, the highest in U.S. history with undoubtably more progress to be made.
• Enhancing Shareholder Value – While female corporate board participation is increasing, women still only hold 34% of board seats at S&P 500 companies,¹¹ even though studies have shown that the inclusion of women on boards enhances shareholder value. Recent empirical research shows that greater gender diversity on corporate boards is associated with reduced stock-return variability (i.e., a more prudent risk profile), and that companies led by female executives tend to engage in fewer high-risk cross-border mergers and acquisitions.¹²

Women Are Growing Wealth

Not only are they making great strides in terms of financial decision making, women are acquiring and growing significant wealth. An estimated $124 trillion in U.S. wealth is projected to change hands by 2048. Of this total, approximately $54 trillion will transfer to surviving spouses—the vast majority (95%) of whom are women—while an additional $47 trillion is expected to pass to younger generations of women through inheritance.¹³ In fact:

• According to UBS’s 2025 survey of U.S. women with greater than $1 million in investable assets, 41% anticipate receiving inheritances between $1 and $5 million, and 25% expect $5 million or more.¹⁴
• Women represent 1/3 of the country’s millionaires.¹⁵
• Between 2018 and 2023, global financial wealth grew by 43%, while wealth controlled by women rose by 51%. In both the U.S. and the EU, women now oversee roughly one-third of all financial assets—a share projected to reach 40–45% by 2030.¹⁶

The Definition Of Family Has Evolved

While women’s financial power and economic impact continues to grow, the family structure in the U.S. continues to evolve. According to the Pew Research Center, there is no longer one dominant family form in the U.S. In fact, the definition of family encompasses a wide range of variations including:

• With or without children
• Married or not married
• Blended families
• Same sex families

Many women are marrying later, choosing to have children later, and most mothers work. According to 2025’s Bureau of Labor statistics:

• 78% of women with children between the ages of 6 and 7 work outside the home.¹⁷
• 68% of women with children under the age of 6 work outside the home.¹⁸
• Of these working mothers, 81% work full time.¹⁹

However, according to the Bureau of Labor Statistics, “Women had lower median weekly earnings than men in most of the occupations for which we have earnings data for both women and men,” with female full-time earnings at 81% of men’s earnings.²⁰

The Reality Of The Second Shift Continues

As sociologist Arlie Russell Hochschild pointed out in the late 1980s, a working woman’s “second shift” begins after work. This hasn’t changed for many women. For example:

• Primary Caregiving – While they are working, many women continue to serve as the primary caregivers at home. According to the AARP, three in five caregivers are women.²¹
• Housework – Most women and men take part in household work each day—but women do more of it. 87% of women perform household activities daily, compared with 74% of men, and women spend 2.7 hours on these tasks versus 2.3 hours for men.²²

Multiple Roles & Multiple Considerations

With multiple roles and multiple considerations, financial planning issues for women can be complex and interconnected. Add women’s longevity and health care considerations to the discussion and they compound the issue. Consider the following:

• Longevity – According to the Social Security Administration, a 65-year-old woman can expect to live to age 85.7.²³ While seemingly more a blessing than a burden, the higher cost of living longer, including health care costs, needs to be factored into an overall investment plan.
• Health Care Costs – Women’s health care costs in retirement are significant. According to Milliman’s “Retiree Health Cost Index 2025” report, a healthy 65-year-old female retiree (assumed lifespan to age 90) is projected to incur approximately $315,000 in healthcare expenses over her retirement.²⁴

It’s About What Money Can Do

For many women, investing is not about performance and “beating the market,” it’s about the real purpose of the money. Building wealth over time can provide:

• Financial independence for her and her family.
• Lifestyle flexibility that enables her pursuit of life-goals.
• Long-term security for a comfortable retirement.
• The ability to build a legacy—generationally, charitably and through impact investing.

This is a more holistic, long-term, goals-based approach to investing rather than a reactive, short-term focus on portfolio performance. A number of studies have shown that women are less likely to trade impulsively based on short-term market fluctuations and more likely to buy, hold, and focus on their long-term goals. However, studies have also shown that female investors can be more averse to taking market risk and can unintentionally jeopardize long-term growth.

Women Are Legacy Builders

When it comes to legacy building, women are interested in donating both time and money to causes that align with their values. According to a 2018 study by the Women’s Philanthropy Institute, women’s giving is more often based on empathy for others, not self-interest, and female donors often focus on driving change through charitable giving.²⁵

Women Are Impact Investors

Driving change and having an impact is why women are leading the charge when it comes to socially responsible investing. In fact, according to Cerulli Associates, 76% of women express interest in socially responsible investing, particularly environmental, social, and corporate governance (ESG) investments.²⁶ Women are also putting their money to work as angel investors in businesses they believe in, including new businesses launched by women.

At 1919, Women Are Not A Niche Market.

At 1919 Investment Counsel, we take a consultative approach and seek to understand the many roles, goals, time frames, and issues that need to be factored into your investment strategy.

We start by listening to you, so we can understand your goals and concerns. Partnering with you, we devise an investment solution to meet your specific needs and time frames. We consider it a privilege to be a part of your financial journey.

FOOTNOTES
¹World Bank. “Population, Female (% of Total Population).” Gender Data Portal, https://genderdata.worldbank.org/en/indicator/sp-pop-totl-fe-zs

²NielsenIQ. (2024). Shaping Success: A Deep Dive into Women’s Impact on the CPG Landscape. https://nielseniq.com/global/en/insights/analysis/2024/shaping-success-a-deep-dive-into-womens-impact-on-the-cpg-landscape/

³CFP Board. (2025). Women Lead Financial Decision-Making in Most Households. https://www.cfp.net/news/2025/02/women-lead-financial-decision-making-in-most-households

⁴Pew Research Center. (2023). Breadwinner Wives Report. https://www.pewresearch.org/social-trends/wp-content/uploads/sites/3/2023/04/Breadwinner-wives-full-report-FINAL.pdf

⁵Pew Research Center. (2023). Breadwinner Wives Report. https://www.pewresearch.org/social-trends/wp-content/uploads/sites/3/2023/04/Breadwinner-wives-full-report-FINAL.pdf

⁶Pew Research Center. (2023). Breadwinner Wives Report. https://www.pewresearch.org/social-trends/wp-content/uploads/sites/3/2023/04/Breadwinner-wives-full-report-FINAL.pdf

⁷U.S. Bureau of Labor Statistics. (2024). Women Are the Majority of the College-Educated Workforce. https://fredblog.stlouisfed.org/2024/04/women-are-the-majority-of-the-college-educated-workforce/

⁸Wells Fargo. (2024). Growth of Women Business Owners Outpaces the Market. https://newsroom.wf.com/news-releases/news-details/2024/New-Report-Finds-Growth-of-Women-Business-Owners-Outpaces-the-Market/default.aspx

⁹Wells Fargo. (2024). Growth of Women Business Owners Outpaces the Market. https://newsroom.wf.com/news-releases/news-details/2024/New-Report-Finds-Growth-of-Women-Business-Owners-Outpaces-the-Market/default.aspx

¹⁰Center for American Women and Politics (CAWP). (2025). Women in the U.S. Congress. https://cawp.rutgers.edu/facts/levels-office/congress/women-us-congress-2025

¹¹The Conference Board. (2025). Women in the Boardroom: Recent Progress and the Road Ahead. https://www.conference-board.org/publications/women-in-the-boardroom-recent-progress-and-the-road-ahead

¹²SpringerLink & ScienceDirect – Women’s Wealth Studies. https://www.sciencedirect.com/science/article/pii/S1059056025000449

¹³Bank of America Institute. (2025). Women & Wealth: Creating Opportunities. https://institute.bankofamerica.com/content/dam/economic-insights/women-and-wealth-creating-opportunities.pdf

¹⁴Investment News. (2025). Wealthy Women & the Great Wealth Transfer. https://www.investmentnews.com/ria-news/wealthy-women-next-gen-face-hurdles-in-great-wealth-transfer-report-suggests/260437

¹⁵Moneytology (2024) & Zippia (2023). Millionaire Statistics. https://moneytology.com/statistics-about-millionaires/ & https://www.zippia.com/advice/millionaire-statistics/

¹⁶McKinsey & Company. (2025). How Women Are Reshaping the Face of Wealth. https://www.mckinsey.com/featured-insights/themes/how-women-are-reshaping-the-face-of-wealth

¹⁷BLS. (2025). Employment Characteristics of Families. https://www.bls.gov/news.release/famee.nr0.htm

¹⁸BLS. (2025). Median Weekly Earnings Q2 2025. https://www.bls.gov/opub/ted/2025/median-weekly-earnings-were-1196-in-second-quarter-2025.htm

¹⁹BLS. (2025). Median Weekly Earnings Q2 2025. https://www.bls.gov/opub/ted/2025/median-weekly-earnings-were-1196-in-second-quarter-2025.htm

²⁰BLS. (2025). Median Weekly Earnings Q2 2025. https://www.bls.gov/opub/ted/2025/median-weekly-earnings-were-1196-in-second-quarter-2025.htm

²¹AARP. (2025). Caregiving in the U.S. https://www.aarp.org/caregiving/basics/caregiving-in-us-survey-2025/

²²BLS. (2024). American Time Use Survey. https://www.bls.gov/news.release/pdf/atus.pdf

²³Social Security Administration. (2023). Long-Range Projections. https://www.ssa.gov/oact/TR/2023/lr5a4.html

²⁴Milliman. (2023). Retiree Health Cost Index. https://www.milliman.com/en/insight/retiree-health-cost-index-2023

²⁵Women’s Philanthropy Institute. “Gender Differences in Giving.” Indiana University Lilly Family School of Philanthropy. https://philanthropy.indianapolis.iu.edu/doc/institutes/wpi-gatefold1.pdf

²⁶Cerulli Associates. “U.S. ESG in 2023: A Snapshot.” Cerrulli Associates. https://www.cerulli.com/corner-office-views-us-q1-2023

Disclosures
The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. Past performance is not a guarantee or indicator of future results. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of 1919 Investment Counsel, LLC (“1919”). This material contains statements of opinion and belief. Any views expressed herein are those of 1919 as of the date indicated, are based on information available to 1919 as of such date, and are subject to change, without notice, based on market and other conditions. There is no guarantee that the trends discussed herein will continue, or that forward-looking statements and forecasts will materialize. This material has not been reviewed or endorsed by regulatory agencies. Third party information contained herein has been obtained from sources believed to be reliable but not guaranteed.

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Published: March 2026