The economic influence of women in the United States has become increasingly significant in recent decades. Women are now generating and managing more money than ever nationally. But in spite of this, there’s still a gender pay gap, with women earning only 79 cents for every dollar earned by men.

Although we’ve come a long way toward closing the gender pay gap, changes are happening in households as well. Over the next 10 years, these changes could radically reshape our perspectives on money, as women play a crucial role in shaping the future of the U.S. through their financial decisions.

Currently, women control over $10 trillion (about 33%) of total U.S. household financial assets. In the next three to five years, experts expect that number to shift to $30 trillion. Part of the reason for that is that women are outliving men. 

What it means for businesses

With this massive change on the horizon, businesses need to understand and cater to women. Since women will likely make most of the financial decisions in the coming years, businesses will also need a strong strategy for attracting and retaining female customers.

Businesses that prepare for this transition could experience four times faster revenue growth, according to a McKinsey & Co. report. But this requires a deep understanding of women's needs, preferences, and behaviors in managing their finances.

What it means for investments

Women are also taking the lead in investment decisions. Female investors are especially prominent in environmental, social, and corporate governance (ESG) investing. Studies show that a higher percentage of women are interested in ESG investing compared to men, and this trend is likely to continue. As women inherit more wealth and make investment decisions, experts predict a flow of money into ESG and impact investments. 

What it means for savings accounts

Statistics show that women are increasingly involved not only in spending and investing decisions for their households, but in saving strategies. As the primary decision-makers, women's choices, such as participating in company 401(k) plans or saving for individual retirement accounts, will significantly shape the future of finance.

With women expected to outlive men by about five years, saving in a retirement or 401(k) account is perhaps even more crucial for women than for men.

In short, as women continue to exercise greater control over our nation’s wealth, financial service providers and businesses will need to adapt to better meet the needs of their female customers.