According to a report issued by the U.S. Department of Labor’s Bureau of Labor Statistics (BLS) in June 2015, the percentage of women who earn more than their husbands is steadily increasing. BLS has been tracking married couples in which both the husband and wife work since 1987, and women have made slow but steady progress.
In 1987, the first year that BLS started tracking earnings in this way, 17.8% of married women out-earned their husbands. In 2013, the latest year for which BLS has data, 29.3% of married women made more than their husbands, as shown in the following chart.
Women, regardless of earning power, have always had a strong influence on family financial decisions, including what kinds of insurance to buy and from whom. Now, as their relative financial positions improve within married couples, they are more likely to influence decisions regarding family finances. Independent insurance agents would do well to understand the financial family dynamics of their clients and to not ignore women as decision-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].
