{"id":22469,"date":"2024-04-05T12:18:46","date_gmt":"2024-04-05T16:18:46","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/?p=22469"},"modified":"2024-10-09T14:08:09","modified_gmt":"2024-10-09T18:08:09","slug":"women-and-wealth-the-future-is-female","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/women-and-wealth-the-future-is-female","title":{"rendered":"Women and wealth: The future is female"},"content":{"rendered":"\n

By Tasneem Azim-Khan<\/a>
Vice President and Chief Investment Strategist
RBC Phillips, Hager & North Investment Counsel Inc.<\/strong><\/p>\n\n\n\n

“OK ladies, now let’s get in formation!”<\/em>\u2014Beyonc\u00e9<\/em><\/p>\n\n\n\n

The year 2023 brought the female economy squarely into focus, as women were consistently credited with boosting sales of struggling businesses, driving traffic and profitability back to movie theatres and underpinning a global economic multiplier effect.<\/p>\n\n\n\n

Come on, Barbie, let\u2019s go party<\/strong><\/h2>\n\n\n\n

Stewarded by director Greta Gerwig and co-producer\/star Margot Robbie, and featuring a female-heavy cast, the Barbie<\/em> movie broke a number of box-office records: it’s the highest-grossing film by a female director <\/a> and is Warner Bros.\u2019 highest-grossing film in the U.S.\u2014ever.<\/p>\n\n\n\n

Following its much-anticipated release last July, the movie has grossed a staggering US$1.4 billion globally and spent a record-breaking 12-week stretch in the U.S. top 10 box office <\/a>.   <\/p>\n\n\n\n

All hail, Queen Bey<\/h2>\n\n\n\n

Beyonc\u00e9\u2019s 2023 Renaissance World Tour was a smashing success, earning US$579 million globally. About 2.7 million fans attended 56 concerts <\/a> in 39 cities.<\/p>\n\n\n\n

Much has been reported on the singer\u2019s economic \u201chalo\u201d effect (if you know, you know), or the “Beyonc\u00e9 Bump,” as coined by Yelp, in which local communities and businesses see a noticeable economic impact when her tour lands in their town.<\/p>\n\n\n\n

The economic multiplier effect was felt early on in her tour. For example, during her shows in Stockholm, Swedish economists blamed her for artificially inflating consumer prices <\/a>. In the U.S., members of the \u201cBeyhive\u201d swarmed the cities in which she toured and provided a boost to area businesses <\/a>.<\/p>\n\n\n\n

According to Fortune magazine, Yelp searches for “nail technicians” tripled compared to the same period in 2022\u2014that\u2019s in addition to searches for local lounges and eateries (up 160 percent) near the shows\u2019 stadiums.1<\/sup><\/p>\n\n\n\n

By the time the tour came to an end, it generated an estimated US$4.5 billion for the American economy\u2014nearly as much as the 2008 Olympics did for Beijing, according to The New York Times<\/em>.2<\/sup>  <\/p>\n\n\n\n

The Taylor Swift effect<\/h2>\n\n\n\n

The singer’s 53-date Eras Tour generated an eye-popping US$1.04 billion in gross ticket sales\u2014the first tour to ever hit the billion-dollar milestone <\/a>, according to the live-music trade Pollstar.<\/p>\n\n\n\n

Swift’s potential earnings from the tour in 2023 is expected to be north of US$4 billion\u2014the most any artist has ever made from a single tour. In total, the Eras Tour is estimated to have created a US$5.7 billion boost to the U.S. economy <\/a>\u2013enough to hand out $20 to every person in the country. In addition, Taylor Swift: The Eras Tour<\/em>, which opened in movie theatres last October, has grossed more than US$250 million <\/a>.<\/p>\n\n\n\n

These are but a few examples that underscore the rising economic power of women, and how they are increasingly influential contributors to economic growth.<\/p>\n\n\n\n

But it’s not just celebrities who are making massive economic impacts. Globally, more than 80 percent of purchase decisions are made by women <\/a>, and they contribute close to 40 percent of global gross domestic product.<\/p>\n\n\n\n

Growing into their economic power<\/strong><\/h2>\n\n\n\n

All of this is occurring against the backdrop of the great wealth transfer<\/a>\u2014a seismic change in wealth ownership from men to women.<\/p>\n\n\n\n

A McKinsey & Company study released in 2020 found that women in the U.S. are set to control an unprecedented US$30 trillion in assets <\/a> by the end of the decade, calling it a \u201cpotential wealth transfer of such magnitude that it approaches the annual GDP of the United States.\u201d<\/p>\n\n\n\n

In comparison, it is estimated that by 2028, women in Canada will control C$4 trillion in assets <\/a>\u2014almost doubling the $2.2 trillion they control today.<\/p>\n\n\n\n

This transfer of wealth to women is driven predominantly by demographics: as male baby boomers die, they tend to bequeath their assets to their wives, who are typically younger and tend to live longer (six years, on average <\/a>, according to research published in JAMA Internal Medicine<\/em>).<\/p>\n\n\n\n

In addition, we’re seeing trends showing that women are generating more wealth <\/a> through increased participation in the workforce and entrepreneurship.<\/p>\n\n\n\n

In Canada, women are amongst the most educated in the world <\/a>, according to a 2022 Statistics Canada report, citing more than two-thirds (68 percent) of women aged 25-64 years with a college or university qualification in 2021, compared with an average of 44 percent among women in countries of the Organisation for Economic Co-operation and Development (OECD).<\/p>\n\n\n\n

According to Pew Research Center analysis of government data, women in the U.S. now account for more than half of the college-educated labour force, having first made that leap in the last half of 2019.3<\/sup><\/p>\n\n\n\n

The ramifications of women ultimately taking bigger strides into their economic power are profound and far-reaching. Since women exercise their spending power in different ways, compared with their male counterparts, a shift of this magnitude has the potential to influence discretionary spending (e.g., retail, travel), health-care systems and services, and investing.<\/p>\n\n\n\n

The gender pay gap is still a reality<\/h2>\n\n\n\n

While the transfer of unprecedented levels of wealth to women represents a meaningful opportunity for some of them to focus on investing, it’s important to note that, in general, most women still contend with the gender pay gap.<\/p>\n\n\n\n

In 2022, American women earned on average 82 cents for every dollar earned by men, according to the Pew Research Center.4<\/sup> In Canada, women are fairing slightly better, earning 89 cents <\/a> for every dollar earned by men.<\/p>\n\n\n\n

That gap widens significantly for racialized women, Indigenous women and women with disabilities.5<\/sup><\/p>\n\n\n\n

The stakes are further raised for women who assume caregiving roles, as they are typically forced to take a break in their career, which translates into lost income and savings. In 2022, more than 50 percent of women over age 15 provided some form of care to children or adults, and they were significantly more likely than men to provide care, according to Statistics Canada.6<\/sup><\/p>\n\n\n\n

As a result, their approach to investing is likely to reflect their current financial realities and take into consideration not only wealth, but health, lifestyle and legacy. According to the same McKinsey report, 70 percent of women who inherit wealth are likely to switch to a new financial advisor. This suggests that they are likely looking for someone with a deeper understanding of their objectives.<\/p>\n\n\n\n

The increasing shift in economic power from men to women, coupled with an informed and holistic view of their investment goals, will help ensure women\u2019s financial growth and stability for years to come.<\/p>\n\n\n\n

\n\n\n\n

Sources:<\/p>\n\n\n\n

1<\/sup> Shin, Rachel. \u201cYelp Coins the \u2018Beyonc\u00e9 Bump\u2019 for the Economic Halo Created by the Pop Star\u2019s Renaissance Tour.\u201d Fortune,<\/em> 19 July 2023, fortune.com\/2023\/07\/19\/beyonce-renaissance-tour-economic-impact\/ <\/a>.<\/p>\n\n\n\n

2<\/sup> Wortham, Jenna. \u201cA Silvery, Shimmering Summer of Beyonc\u00e9.\u201d The New York Times<\/em>, 27 Sept. 2023, www.nytimes.com\/2023\/09\/27\/magazine\/beyonce-renaissance-tour.html <\/a>.<\/p>\n\n\n\n

3<\/sup> Schaeffer, Katherine. \u201cFor Women\u2019s History Month, a look at gender gains \u2013 and gaps \u2013 in the U.S.\u201d Pew Research Center<\/em>, 27 Sept. 2024, https:\/\/www.pewresearch.org\/short-reads\/2024\/02\/27\/for-womens-history-month-a-look-at-gender-gains-and-gaps-in-the-us\/ <\/a>.<\/p>\n\n\n\n

4 <\/sup>Kochhar, Rakesh. \u201cThe Enduring Grip of the Gender Pay Gap.\u201d Pew Research Center<\/em>, 1 Mar. 2023, https:\/\/www.pewresearch.org\/social-trends\/2023\/03\/01\/the-enduring-grip-of-the-gender-pay-gap\/ <\/a>.<\/p>\n\n\n\n

5<\/sup> \u201cThe Gender Pay Gap: Pay Gap in Canada: The Facts.\u201d Canadian Women\u2019s Foundation<\/em>, 23 Dec. 2022, canadianwomen.org\/the-facts\/the-gender-pay-gap\/ <\/a>.<\/p>\n\n\n\n

6<\/sup> \u201cMore than Half of Women Provide Care to Children and Care-Dependent Adults in Canada, 2022.\u201d Statistics Canada<\/em>, 8 Nov. 2022, www150.statcan.gc.ca\/n1\/daily-quotidien\/221108\/dq221108b-eng.htm <\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Although inroads have been made, women still experience a significant gender wage gap across the world.<\/p>\n","protected":false},"author":15,"featured_media":22472,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[264,10],"tags":[658,481,272],"rbcwm_content_owner":[],"rbcwm_need":[],"rbcwm_segment":[75,66,90],"rbcwm_solution":[82],"rbcwm_topic":[65,94],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-22469","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-trends","category-wealth-planning","tag-u-s-economy","tag-women-and-wealth-planning","tag-women-in-business","rbcwm_segment-business-owners-and-entrepreneurs","rbcwm_segment-individuals-and-families","rbcwm_segment-institutions","rbcwm_solution-wealth-planning","rbcwm_topic-education","rbcwm_topic-your-wealth"],"acf":{"rbcwm_subtitle":"Although inroads have been made, women still experience a significant gender wage gap across the world.","rbcwm_post_author":"","rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":"","perspective_disclaimer":"","expandable":"","omit_from_pages":[],"disclaimer_footnote":"This document has been prepared for use by the RBC Wealth Management member companies, RBC Dominion Securities Inc.*, RBC Phillips, Hager & North Investment Counsel Inc., RBC Global Asset Management Inc., Royal Trust Corporation of Canada and The Royal Trust Company (collectively, the \u201cCompanies\u201d) and their affiliate, Royal Mutual Funds Inc. (RMFI). *Member \u2013 Canada Investor Protection Fund. Each of the Companies, RMFI and Royal Bank of Canada are separate corporate entities which are affiliated. The information provided in this document should only be used in conjunction with a discussion with a qualified professional advisor when planning to implement a strategy.\u00a0 This publication is not intended to provide specific financial, investment, tax, legal, accounting or other advice for you, and should not be relied upon in that regard. Readers should consult their own professional advisor when planning to implement a strategy to ensure that individual circumstances have been considered properly and it is based on the latest available information. The information in this document is based on data that we believe is accurate, but we do not represent that it is accurate or complete and it should not be relied upon as such. \u00a0\u00ae \/ \u2122 Trademark(s) of Royal Bank of Canada.\u00a0 Used under licence.\u00a0 \u00a9 Royal Bank of Canada 2024.<\/em> All rights reserved."},"rbcwm_insight_cta_id":[11937],"rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2"},"yoast_head":"\nWomen and wealth: The future is female<\/title>\n<meta name=\"description\" content=\"Although inroads have been made, women still experience a significant gender wage gap across the world.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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