In recognition of Women’s History Month in March, I sought to explore the pursuit of financial freedom strictly from a woman’s perspective. I quickly discovered that the path to financial freedom for women began with a long fight for financial and civil rights; for women’s financial freedom women has been blocked by the government and society since our country was founded.
Since the early 1800s, women faced financial hurdles that were not only gender-based but racially-based as well. The enslavement of Black people prohibited Black women from gaining or fighting for any rights. On the other hand, White women faced coverture, which legally mandated that a married woman’s existence was merged with her husband's, thereby removing any independence of her own. The beginning of the Suffrage Movement in 1848 and the official end to slavery in 1865 were major steps for women in the fight for their rights. By 1900, legislation allowing women to have their own property and to maintain their wages had been passed. By 1910, 7.8 million women were employed in the US vs. 2.6 million in 1880. Typically, White women who were married did not enter the workforce during that time. Single White women held jobs as clerks, typists, or teachers. Black women, single or married, who were forced to work to make ends meet were restricted to jobs in agriculture, personal service, or domestic.
Decades later, the passing of key legislation such as The Equal Pay Act of 1963, The Civil Rights Act of 1965, and Title IX in 1972 helped women of all races to forge their independence and seek job opportunities that offered increased wages. Although the passing of Roe vs. Wade in 1973 is often considered only in the context of reproductive health, the ability to make choices regarding reproduction directly impacted women’s financial strength. Furthermore, by the early 1990s, women were moving away from traditional jobs such as teaching and nursing and finding employment as doctors, attorneys, and professors. Today, women are CEOs of Fortune 500 companies, college presidents, and entrepreneurs.
Even with these noted advances in employment, securing financial freedom remains difficult for most women. The systemic inequality that existed hundreds of years ago remains today and is clearly exhibited by the continuing wage gap. In 2022, White women earned 83% of what White, non-Hispanic men earned, while Black women earned 70%, and Hispanic women earned 65%. This gap in earnings, equivalent to thousands of dollars each year, has stayed relatively the same for the past 20 years and must be addressed for women to make significant financial strides.
The world’s wealth is estimated to be controlled by women by the year 2030 due to changing demographics in the baby boomer generation. However, financial freedom and the creation or preservation of generational wealth and financial assets require women to increase their financial proficiency in terms of education, planning, investing, and financial management relationships. This month, begin to draft your plan to move toward financial freedom.
More information:
https://www.americanhistoryusa.com/working-voting-women-1920s/
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