Volume 4 Issue 2
Women As Their Household’s Chief Purchasing Officer
By Lourdes Cortez
Last month’s Women’s March was an incredibly empowering movement which demonstrated the unity of women all over the world. The event demonstrated that no matter your race, ethnicity or financial background, we all share a common goal; promoting and initiating impactful and beneficial change. Imagine if women came together for a common financial goal? The tools needed for financial empowerment and change are already at our fingertips: buying power and accessibility to financial resources for personal financial growth.
Currently, women have tremendous buying power in America — and it’s growing. Market estimates put women’s total purchasing prowess from $5 trillion to $15 trillion annually (source Nielsen Consumer 04-02-2013). It is estimated that approximately 85% of total consumer dollars spent are purchases conducted by women. The Federal Reserve estimates that women will control two-thirds of the nation’s wealth by 2020. As a result, it is no surprise that women can have greater influence on the U.S. economy, and exercise more authority over household financial decisions, as well as planning for retirement.
This is a significant shift in the way we should view potential business opportunities and our own financial empowerment. Female economic influence is on the verge of a massive power shift, where women can, if they choose, seize the reins of economic control. They are “The Third Billion,” meaning that, globally, women are the next emerging economy. Take note, get informed and make better financial choices for you and your family’s future. More importantly, now is the time to prepare your daughters to take on the reigns of “Chief Purchasing Officer.”
North Jersey Federal Credit Union believes in financially empowering its community members by providing them with access to financial literacy organizations like, GreenPath Financial Wellness, a financial wellness website that provides free financial literacy information to our members. GreenPath services include budgeting, debt management, housing counseling, credit report review, and student loan counseling. Visit njfcu.org, click on the “Learning Center” tab at the top of the website and then click on “GreenPath” on the dropdown menu. Let us all be empowered to build a strong financial future for ourselves and for our children.