Millennial Women Are Giving the Economy a Boost

More Women in the Workforce

Women drove the economy in 2023. But it wasn’t just Beyoncé and Taylor Swift in the driver’s seat. Millennial women worked more than ever last year, according to a study by investment research firm Ned Davis Research .

Since 2019, the primary age female labor force participation has surged, hitting a record high in several developed economies last year, including Australia, Japan, Germany, Italy, South Korea, and the U.S. Australia recorded the biggest jump in women’s participation compared to their male counterparts.

Millennial Women

Millennials make up the largest portion of the U.S. workforce at this point, and women aged 25 to 34 are more likely to have a college degree than men, setting them up for a better start in the workforce.

The pandemic’s effect on the workplace, including the rise of remote and hybrid work, has also helped many to stay in the workforce when they may have been forced out in a more traditional setting. This, of course, is a nod to the care work that’s more often performed by men than women, regarding both children and elderly relatives.

Driving Economic Growth

More women joining and staying in the workforce is a net positive for productivity and economic growth. It could wind up changing companies as they work harder to address the needs of their staff in terms of parental leave and benefits.

A growing number of working women also has implications for the stock market, as more women will become invested, either through personal trading accounts or an employer-sponsored retirement plan, such as a 401(k).

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