CNBC: “Op-ed: Here’s why women’s money decisions will shape the future for the U.S.”
November 30, 2020, CNBC — In today’s Op-Ed piece by Ted Jenkin, CEO/founder of oXYGen Financial, he writes: “The rising economic power of women in this country is one of the most significant financial shifts of recent decades. The bottom line: Women are generating and managing an increasing amount of wealth in the U.S.
“Today, women control more than $10 trillion (about 33%) of total U.S. household financial assets. Meanwhile, an unprecedented amount of assets will shift into the hands of U.S. women over the next three to five years, representing $30 trillion by the end of the decade. Why? Because as men pass away, they will leave control of these assets to their female spouses, who tend to be both younger and to live longer.”
This is a wealth transfer of such magnitude that it approaches the U.S’s annual gross domestic product.
Jenkin turned to Marguerita Cheng, CFP® to get her thoughts:
“This is a huge transfer of wealth in and of itself but, because women traditionally outlive men, women stand to inherit most of it,” said certified financial planner Marguerita Cheng, CEO of Blue Ocean Global Wealth in Gaithersburg, Maryland. “As more and more women have a say in significant financial decisions, it’s easy to see they’re not adhering to business as usual.”