The SHEconomy
The SHEconomy
Written By: Allison Schmidt, Financial Advisor, CFP®, CPA
I saw an acronym this morning that I hadn’t seen before, the “SHEconomy”. I was raised by and am surrounded by successful, empathic, wonderful women. I have 3 little emerging ones in my house and am lucky enough to be married to one…I was intrigued. The SHEconomy refers to the growing and significant impact of women on the economy, both as
consumers and as participants in the workforce. This concept highlights the economic contributions of women, recognizing their influence in driving market trends, innovation, and economic growth. Reading through and reflecting on the specific impacts of the SHEconomy, I thought these 3 were particularly interesting…
Consumer Spending Power: Women control a significant portion of consumer spending. In many households, women are the primary decision-makers when it comes to purchasing decisions, influencing sectors such as retail, healthcare, and education.
Labor Force Participation: The SHEconomy also emphasizes the importance of women’s participation in the labor force. Women are not only entering the workforce in increasing numbers but are responsible for substantial contributions across all sectors, including areas traditionally dominated by men. This shift not only contributes to economic growth but also promotes gender equality in the workplace. It makes me think of the change that has been taking place in the rooms at the conferences I go to. When I started it was common to be one of a handful of women in the room, now 15 years later we take up almost 20% of that room. With the change in client makeup and the flat-out demand for more female financial advisors, I’m hopeful and confident the trend will continue. This industry, like so many, needs more strong, intelligent, compassionate women.
Entrepreneurship and Leadership: Women are increasingly taking on roles as entrepreneurs and business leaders, starting and growing their own businesses. The rise of female entrepreneurs contributes to innovation, job creation, and economic diversification. Additionally, companies with women in leadership positions often demonstrate better performance and governance, highlighting the positive impact of gender diversity in decision-making roles.
The SHEconomy underscores the need for policies and business strategies that support women’s economic empowerment and recognize their role in shaping the global economy. I’m onboard. I am so grateful for the opportunity to work with amazing women both at the office with Molly and Alexis and our wonderful clients. We have found ourselves as a go-to for many deeply respected, high power, successful women who helped build and continue to push forward the SHEconomy. We are consistently grateful for the opportunity to work with these women.
Happy Women’s History Month.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.