Evolving Household Dynamics ("I am Woman, Hear Me Roar")

As the economy and job market have changed over the last several years, it is no secret that family structure and the way families operate has changed in order to adapt. In the latest Time Magazine cover story “Women, Money, and Power,” Liza Mundy writes, “Not since women entered the work force by the millions after WWII has America witnessed economic change on this scale.”

The workforce is changing. It has become common for married women to work and even to outearn their husbands. In 2009, nearly 4 in 10 working wives outearned their husbands, which is an increase of more than 50% from 20 years before. Women also make up 60% of college students and earn a majority of doctorates and master’s degrees. Some experts predict that within the next 25 years professions such as law and medicine will be dominated by females.

There has also been a dramatic increase in the number of single parent families. 41% of babies are now born to single women. Young women are acutely aware of the potential that they may be the sole earner in their household and that supporting a family is a far greater responsibility than just supporting oneself.

As more women are the co-breadwinners and primary breadwinners for the families, assumptions about how the household works are changing. Women’s earnings and financial status give them more economic influence both at home and in public. It is predicted that rates of cohabitation and single living will continue to rise because women can afford to wait. Financially secure single women are a growing market for restaurants, travel, and real estate.

The growing trend of female supported households is evident at New Century IDA. The majority of IDA clients are single mothers. Each of these women have earned income with which they support themselves and their families. A common thread among these women is that they are motivated to participate in New Century IDA and become home owners because of their children. They all want to have a stable environment in which to raise their children, and they want to give their children a better life than they had. Many of them are also proud to show their children what they can accomplish on their own, without the help of a man.

If the present trends continue, by the next generation more families will be supported by women than men. Has your family structure changed over the years? Let us know what you think, then take this quiz to see who holds the power in your household!

Time Magazine Cover March 26, 2012