The rise of womenomics
What you need to know:
- The difference between a college and high school education is roughly $21,500 in the first year. It grows dramatically during the course of a lifetime to $1 million, according to the Census Bureau.
The buying power of women in countries as diverse as Denmark and China is overcoming men.
This has led experts to believe in a trend commonly known as womenomics.
The term was coined by Kathy Matsui, who is a senior executive at Goldman Sachs, an investment bank. She pointed out, in a variety of reports, that women could change economics if given a fair chance.
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For example, she said women could make up for labour shortages in Japan in the 1990s.
There have been many studies to back this up. Given US$100, women are more likely buy things that will benefit the family.
On the other hand, men are likely to make less sensible choices.
But the term now has new meaning, because women are starting to earn as much as men. And in some places, they are earning more.
So what does this mean to our world? Big manufacturers and advertisers are targeting women in unique and new ways.
Also, more women than men are attending college in America. A 2014 Pew study shows that young women enrolled in college has risen to 71 per cent compared to 61 per cent for men.
Male enrollment has remained static since 1994, says the study. The differential is much larger among minorities. For example, 69 per cent of black women are in college compared to 57 percent of African American men.
The difference between a college and high school education is roughly $21,500 in the first year. It grows dramatically during the course of a lifetime to $1 million, according to the Census Bureau.
On a more macro scale, America may soon elect its first woman president, Hillary Clinton. We’ve already seen women elected in Germany, Chile, Liberia, Norway, Lithuania, Argentina - a total of 19 countries how have women leaders.
Work place changes are ahead, too. Expect more flexible hours and more work-at-home jobs. Expect equal pay for equal work. Expect more women as bosses and coaches.
My mother, who recently passed away, always reminded me to not forget the role of a woman in a man’s life.
It’s a lesson that the world will learn in coming years.
