According to a report issued bythe U.S. Department of Labor’s Bureau of Labor Statistics (BLS)in June 2015, the percentage of women who earn more than theirhusbands is steadily increasing. BLS has been tracking marriedcouples in which both the husband and wife work since 1987, andwomen have made slow but steady progress.
In 1987, the first year that BLS started tracking earnings inthis way, 17.8% of married women out-earned their husbands. In2013, the latest year for which BLS has data, 29.3% of marriedwomen made more than their husbands, as shown in the followingchart.
Women, regardless of earning power, have always had a stronginfluence on family financial decisions, including what kinds ofinsurance to buy and from whom. Now, as their relative financialpositions improve within married couples, they are more likely toinfluence decisions regarding family finances. Independentinsurance agents would do well to understand the financial familydynamics of their clients and to not ignore women asdecision-makers.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
