Business Resource Center

National Business Women's Week Is Here — Let's Celebrate!

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Out of all the women-owned businesses launched over the past year, how many were started by minorities? 47%.

The Power of Working Women

Though these statistics underscore how far we have to go in terms of equality, it's worth taking a look back to see how far we've come, as well.

In 1950, only 34% of women9 worked outside the home; by 2019, that number had risen to 57%.10 Over the decades, these working women have changed the world for themselves — and for those around them.

Take credit cards, for example: As recently as the 1970s,11 many banks required women to have a male cosigner, such as their husband or father, in order to obtain a credit card.

Compare that to the 2020s, when 75% of women under 4512 say they manage their money on their own, and more than 4 in 10 mothers13 are the sole or primary breadwinners in their families.

The bottom line: Today's women are a financial force. Whether they're caring for their children, launching businesses, making important monetary decisions — or, in some cases, all three! — it's time for governments, financial institutions, and everyday citizens to recognize their power.

And it's time for us all to commit to lifting women up, however we can. There's no telling what we'll achieve if we do.

Important disclosure information

This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

  1. Ruth Simon, "Covid-19's Toll on U.S. Business? 200,000 Extra Closures in Pandemic's First Year," The Wall Street Journal. Published April 16, 2021, accessed October 7, 2021. Back
  2. Andrew Soergel, "Georgia and Nevada Are Tops for Women-Owned Business Growth," U. S. News & World Report. Published September 24, 2019, accessed October 7, 2021. Back
  3. Jimmy O'Donnell, Daniel Newman, and Kenan Fikri, "The Startup Surge? Unpacking 2020 Trends in Business Formation," Economic Innovation Group. Published February 8, 2021, accessed October 7, 2021. Back
  4. Eileen Zimmerman, "Female Entrepreneurs Seek a New Path During the Pandemic," The Washington Post. Published January 21, 2021, accessed October 7, 2021. Back
  5. Mastercard, "The Mastercard Index of Women Entrepreneurs 2020," accessed August 20, 2021. Back
  6. Luke Pardue, "Who Started Businesses During the Pandemic? A Survey of Women Starting Businesses During COVID," Gusto. Published March 17, 2021, accessed October 7, 2021. Back
  7. Jasmine Tucker, "At August's Rate, It Will Take Women 9 Years to Regain The Jobs They Lost In the Pandemic," The National Women's Law Center. Published September 1, 2021, accessed October 7, 2021. Back
  8. LeanIn and McKinsey, "Women in the Workplace 2020," accessed August 20, 2021. Back
  9. Institute for Women's Policy Research, "Women's Labor Force Participation," accessed October 4, 2021. Back
  10. U. S. Bureau of Labor Statistics, "Women in the labor force: a databook," published April 2021, accessed October 7, 2021. Back
  11. Cecilia Nowell, "What We Can Learn From Feminist Federal Credit Unions," The Nation. Published July 23, 2020, accessed October 7, 2021. Back
  12. Alicia Adamczyk, "Younger women are twice as likely to make their families' financial decisions as in previous generations," CNBC. Published August 26, 2020, accessed October 7, 2021. Back
  13. Sarah Jane Glynn, "Breadwinning Mothers Are Critical to Families' Economic Security," Center for American Progress. Published March 29, 2021, accessed October 7, 2021. Back