Mothers are the sole or primary source of income in a record-setting 40% of households with children under the age of 18, according to a new Pew Research Center analysis of data from the U.S. Census Bureau. The share was just 11% in 1960.
Pew says 5.1 million (37%) are married mothers who have a higher income than their husbands, while 8.6 million (63%) are single mothers.
"The median total family income of married mothers who earn more than their husbands was nearly $80,000 in 2011, well above the national median of $57,100 for all families with children," says Pew Research.
You don't need to be a socialogist or statistician to recognize that families in which a woman is the top breadwinner pose a challenge to many advisory firms. If you attend any manjor conference, you'll see that attendees by a wide majority are men--older men. For this generation of advisors, women breadwinners are different from the clients they have spent their careers serving, and their attitudes may not be aligned with public's. About 40% of adults under age 30 view the growing number of single moms as a big problem, compared with 65% of those in their 30s and 40s and 74% of adults who are 50 and older.