More than 40 years ago, President Ronald Reagan recognized American Business Women’s Day as a day to honor and reflect upon the contributions and accomplishments of the millions of women in the American workforce and the millions of women business owners in the United States. Today, it remains important to recognize the impact of women business owners and professionals in the workplace.
Women strive to balance demands at work and responsibilities at home, while still taking time to care for their own needs and volunteer within their communities. Many are working moms or caregivers to others who depend on their income and as well as their availability. I work with a number of young women, plus I have two daughters who are themselves professionals; I witness them “doing it all,” and I often comment that I’m not exactly sure how they manage it.
Recent data provides a snapshot of women in the workforce:
- The U.S. Bureau of Labor Statistics reports, “Labor force participation rate for women was 56.8 percent in 2022. The age groups of 25 to 34 years, 35 to 44 years, and 45 to 54 years all had participation rates above 75.0 percent, with 25 to 34 years having the highest (77.6 percent).”
- Women business owners own over 12.3 million businesses, employ over 10.1 million workers and generate $1.8 trillion a year.
- Women accounted for 51.7 percent of all workers employed in management, professional, and related occupations in 2020.
- 62% of women entrepreneurs cite their business as their primary source of income.
With these statistics, coupled with the increased education of women, I consider the vast amount of human capital that women contribute to our workforce and our economy. I see women who are role models, mentors, and risk-takers by starting their own businesses and working together as catalysts for causes in their community. Simply put, I’m proud of them.
Just as we’ve seen women invest in themselves through their education and work diligently for many years, we at Argent want women to feel confident providing for their needs in the future. Women live an average of 5+ years longer than men, and women should be prepared for longevity. Amelia Earhart said, “The most difficult thing is the decision to act, the rest is merely tenacity.” Coryanne Hughes, a contributor at US News, stated, “Earhart wasn’t thinking about investing when she said this inspirational quote, but the message applies equally well to making your first investment as it does to your first flight. The first hurdle all investors face is simply starting to invest. Once you overcome that hurdle by finding an investing strategy you can stick with, it’s just a matter of continuing it until you reach your financial goals.
Through Argent’s focus on Women | Wealth | Wellness, we help women as they build, protect and distribute their wealth. We celebrate the impact of women on our economy and know the importance of effective money management, an emergency fund, and a retirement savings plan. Women should access information and tools necessary to make good financial decisions and plan for their future. Understanding their financial situation and setting long-term goals helps women invest with intention and develop the discipline to reach retirement goals.
Today, on American Business Women’s Day, we celebrate the accomplishments of women and look forward to opportunities to partner as they grow personally and professionally through leadership, education, networking, and recognition. Women’s outstanding leadership skills, the positive impact they make on their communities, and the support they provide others in their career growth will make an impact for generations.
Take the time now to put your financial goals at the top of your to-do list and contact one of our team members at Argent Financial Group to help you along the way.