Each May, the world pauses to celebrate our mothers, motherhood, and maternal bonds. First celebrated in the early 1900s, Mother’s Day was designed to honor and acknowledge the many sacrifices that mothers made for their children and families. Like many other holidays, the growth of business and industry in this country has led to increased commercialization of Mother’s Day. As early as mid-April, media begins to flood our pathways with opportunities and ideas for the ‘perfect’ gift for mom. I firmly believe that mothers should be celebrated every day. I am guilty of flocking to the store to purchase flowers, cards, chocolate, and jewelry in preparation for Mother’s Day. In fact, estimates indicate that over $35 billion was spent on Mother’s Day purchases in 2023 despite fears of a looming recession at that time.
Spending $35 billion was far more than I had imagined would be spent on Mother’s Day, and that led me to reflect on some of the facts that I learned during Women’s History Month last March. I was specifically astonished to discover that women could not borrow money – apply for a credit card or get a mortgage on their own – until 1974! This compelled me to think about how working “moms” and mom figures (women) impact the US economy and successfully reach financial freedom.
Here are a few facts. Almost 47% of the US workforce are women. Without these women, the US economy would be approximately 25% smaller than it is. Most households are dual-income earners, and most mothers are the primary wage earners or co-breadwinners in their households. Also, the wage gap in the US persists, and women who work full-time are paid 84% of what men earn. The gap is wider for women of color. Last, caregiving responsibilities severely impact women’s employment due to insufficient paid leave and related protections.
The continued presence and growth of women in the workforce is beneficial to the US economy and to the well-being of women and their children. As moms and mother figures continue to strive to gain financial freedom, we can support them by addressing the inequities in wages, increasing access to affordable caregiving support, and acknowledging their contributions and value to our economy.
CAP20: https://www.americanprogress.org/article/fact-sheet-the-state-of-women-in-the-labor-market-in-2023/
