Did you know that women drive at least 80% of all consumer purchasing, through a combination of both buying power and influence. Influence in its most simplistic context means that even when a woman isn’t paying for something herself, she often influences someone else’s purchase decision.
I found this to be such a powerful fact and I believe it should be an empowering fact for all women. To think that in a global economy we have such an impact is quite amazing. So why then do many of us neglect to control our financial assets and plan for our future? Many of us – no matter what the relationship context – will outlive a partner and as such we need to plan appropriately.
Here are some tips for the practice of empowerment in a financial perspective:
1. Know your spend volume and your income volume – assess and create a plan to ensure income is greater than expense. Create some goals and take that income and invest in those goals
2. If you aren’t confident in the financial space – connect with a financial advisor. Many companies offer financial services which can help with planning and a strategy for building net worth
3. Take a step back every year in your career to “know your worth”:
a. Do some research on LinkedIn and Glass Door on skills, salaries, and experience
b. Understand where you sit in your company
c. During your annual performance assessment, practice advocating for your pay increase
4. Leverage this same strategy when taking on a new role – negotiate your pay and know your worth! Practice with a mentor or trusted advisor beforehand.
Never underestimate the spend power women have as consumers – we are powerful influencers and we need to embrace our power. Knowing our financial impact is powerful – embrace it!
Some additional resources to read:
Knowing Your Value: Women, Money, and Getting What You’re Worth (Mika Brzezinski)
I had the wonderful opportunity to hear Mika Brzezinski speak at a Comcast Women’s Leadership Summit. Her story on knowing your value is without doubt once of the most interesting and powerful examples of this concept on leveraging your worth! Her book is a must read – politics aside it is a great message interwoven with interesting story-telling.
10 Things Everyone Should Know About Women Consumers (Bridget Brennan)