There’s been a lot of data points over the past month or so pointing to the economic power of women. Two generations of workplace advancement and educational commitment have put women in the singular position of having more opportunity for independence, advancement and earnings than at any other time in our nation’s history.
A CitiGroup unit, Women & Co., released an edifying study today that examines how these strides in economic status have influenced the way that successful women think about the obligations and opportunities of money.
Not surprisingly, as women gain more control over money, they are talking about it more and more.
Women’s rising financial influence is also breaking down the long-standing taboo of talking about money. As revealed in 2008, money is the #1 topic between mothers and daughters. This year’s results find that 91% of women are talking about finances with family members. These conversations are now extending outside the family, as well. The majority of women, over two-thirds, believe that in the wake of the economic downturn, talking about money is much more socially acceptable.
Financial success and knowledge is a responsibility; 84% of mothers are using the financial crisis to teach their children lessons, and 64% of all women are sharing their financial values with others.
The image is compelling: The most valuable lesson a woman can give her children is the lesson of financial independence. This is lightyears away from the image of a mother preparing her daughter to be the best wife she can be.
I’m struck by a disconnect in our social dialogue, though. If women are comfortable with talking about money and feel like sharing knowledge about money is a responsibility, why is there so little sensible discussion about how to make our nation more fiscally responsible on the national stage?
Could it have anything to do with the fact that Congress and the media is dominated by men? And that for men, Money (with a capital M) is a validation of power and authority, something that is highly self-reflecting? That last observation isn’t a statistical fact, just an impression, but still….
(Disclosure: My wife’s firm, TMG Brand Communications, is the public relations representative for Women & Co.)
