Undeniable facts about Women Dominating the Economy
“Undeniable facts about Women Dominating the Economy”
This piece will not answer the questions, “What is a dominating woman?” or “How do I become a powerful woman?” Because it is so simple. Women are inherently powerful; spiritually, emotionally and mentally. I will tell you how powerful we are and how we can and already use our power to dominate the economy.
Women are the next global emerging market. Over half a billion women have joined the world's workforce over the past 30 years, and they make up 40% of the agricultural labor force. We are the blueprint, and I say this because we control more than 80 percent of U.S. spending. All over the world, women consumers control $20 trillion in consumer spending. We make the final decisions for buying 91 percent of home purchases, 65 percent of the new cars, 80 percent of health care choices, and over 60 percent of electronics.
In 2006, the U.S. ranked third in the world for economic gender equality. In 2016 it fell to 26th. We cannot continue to backslide. Even though the higher levels of power continue to be dominated by men, given the sheer velocity of the economic and other forces at work, these circumstances are much more likely the last artifacts of a vanishing age rather than a permanent figuration. With these statistics, it is only a matter of time before most working women out earn working men.
There is no denying that women’s impact on the economy is incredibly undervalued. Here are three essential facts:
1) Women’s economic empowerment increases productivity and improves diversity and income equality, as well as positive development outcomes. When women work, the economy grows.
2) The key to achieving the 2030 Agenda for Sustainable Development is empowering women in the economy and closing gender gaps in the working world. Ending women’s oppression is the answer.
3) Companies will benefit from increasing employment opportunities for women because it is proven that it will improve organizational effectiveness and growth. Investing in women can provide a big impact on economic and organizational growth. That alone holds a great deal of power.
This all goes to say that there are steps that need to be taken before women’s significance to the economy is recognized and taken into consideration. This will not only require effort from women, but effort from everyone. Empowered women empower women.
Women entrepreneurs in the current evolving world do not have enough access to markets, market information, digital and personal services, networks, mentorship, and other resources that will allow them to conquer the complications of starting and growing companies as well as connecting and networking with buyers. Women’s economic equality will happen when we can benefit from the same affordable financing mechanisms that men can, including equal access to markets, market information, digital technology, and services.
Striving to remove the legal, regulatory, and cultural barriers that constrain women from being able to participate in the economy fully and freely will be the ultimate step forwards. This is the main indefinable fact: women have the power to transform the world, we just need to be given the materials that have been withheld from us. There are organizations that focus on women’s empowerment including USAID, UNWOMEN, and ICRW. These organizations support women and promote equality and fairness in wages, behavior, and opportunities. They have spent years putting women's rights at the forefront of their missions. Delve into the institutions, especially those local to you, that are helping fight for what is fair. Not only are these organizations fighting for women, but they are fighting for our future.
-Kia Patron, AngeLink Social Ambassador