This March we celebrate National Women’s History Month to recognize the far-reaching contributions women have made since our nation’s founding.

We honor the pioneering women, from Sacagawea and Susan B. Anthony to Harriet Tubman and Amelia Earhart, without whose stories our nation’s history is incomplete, just as we salute women of consequence today, from Janet Yellen and Melinda Gates to Condoleezza Rice and Ruth Bader Ginsburg.

Though women have made extraordinary progress, much work remains. Sexism, violence and economic inequality have not disappeared. Well into the 21^st century, women remain underrepresented in positions of power, even as too many discount the invaluable care giving role so many women play.

As financial professionals, we understand the full integration of women into the workforce isn’t just a moral issue, it’s a powerful economic issue. After almost doubling between 1950 and 2000, women’s participation in the workforce has stagnated. By one estimate, raising the women’s labor force participation rate to the male rate would increase the country’s GDP by 5%.¹

Moreover, women over 65 have less retirement income than men, often a consequence of divorce and widowhood; for instance, women’s household income fell by 41% following divorce—twice the decline men experienced.²

Change Begins with You

Gandhi famously said, “You must be the change you wish to see in the world.” Women have made history when individuals like Rosa Parks or Billie Jean King acted. So, in that spirit, we offer ideas for ways financial professionals (men and women) can be the change they would like to see.

• Improve parental leave policies and enhance childcare benefits. The best way to attract and retain women in the workforce is to offer benefits that support women. Employers may discover that generous benefits actually attract the highest quality female talent!
• Support women-owned businesses. Whether it’s client holiday gifts or catered lunches for meetings, identify women-owned businesses to support with your spending.
• Become a mentor to a woman. Mentorship may be the most powerful lever in changing an individual’s life, the impact of which may be felt for decades to come.
• Offer pro bono planning assistance to recently divorced or widowed women. Not only does this support women in a more vulnerable state, but pro bono work shows the compassionate culture of your business.
• Support women artists. Search out artwork created by women for your next home or office remodel.
• Develop a women’s financial issues section on your website. Provide education and tools that specifically address women’s financial concerns.
• Create podcasts and hold in-person events that educate girls on careers in financial services. Become a finance fairy godmother (or father), showing why financial services may be a great career choice for women.
• Contribute to a women’s charity, such as Girls, Inc., National Coalition Against Domestic Violence, etc.
• Host an event to celebrate women’s accomplishments. Consider a screening of the movie “Hidden Figures.”
• Sponsor a “Lunch and Learn” for employees with a guest speaker addressing a relevant women’s issue.

Sources:

1. https://home.treasury.gov/news/press-releases/jy0984
2. https://www.gao.gov/products/gao-12-699

Please reference disclosures at: https://blog.americanportfolios.com/disclosures/