Women Outpacing Men in Income, Education

A Pew Research Center study released this week shows that women have taken some serious strides these past few decades, and are now actually outpacing their spouses in both income and education.

In 1970, just four percent of American wives made more than their husbands. But now, 22 percent earn more. Additionally, 28 percent of American wives now have more education than their husbands.

CBS News correspondent John Blackstone reported that's the case for Beverly Butler, a Wells Fargo Bank vice president. She makes more money than her husband, Michael, who is a builder.

Beverly told CBS News, "If you love each other, money doesn't really matter that much."

Patti Stanger, the host of Bravo's "Millionaire Matchmaker," sees some advantages for better educated, better paid women.

"They're figuring, 'If we make more money than the man, then we get to choose. And we get to look at men like men have been looking at us for centuries,'" she said.

However, that's not for every bride.

Bride Jessamay Kroth told CBS News, "I'll be honest and frank. I do need to be with someone who is making some money, is established."

Psychologist Michelle Callahan, contributor to Women's Health magazine, said on "The Early Show" that the statistics about more women earning more than their husbands aren't surprising.

"Women have been chasing after that glass ceiling for a long time," she said. "We've been waiting for that income gap between men and women to finally close. It's actually a very positive thing for women, for marriages and for families."

But how does this change financial discussions in American homes?

"Early Show" financial contributor Ray Martin said, "The modern household today does have two incomes. It's more the rule than the exception. In the last two decades with changes in the economy and the workforce, you've had to have that to have a buffer to survive."

He continued, "Now today, when you have two incomes or women earning more in the household, you have to ask who is leading finances, who's managing the finances, how are we making the most of the benefit choices and decisions we having the household and you've got to think about the valuable contribution that person is making, and do you insure that properly."

As for women becoming more educated than men, Callahan said, "They're learning more so that changes the dynamic in a marriage because they want to participate in the decisions that are being made. The traditional roles are now changing. Women are not just going to be wives and mothers. They're trying to be more equal partners in marriage in terms of how everything happens."

However, Martin said he's not necessarily surprised about education and degrees, based on the jobs women and men are taking on in today's job market.

"Women (are) in health care and legal professions, education. Those require college degrees. You think about jobs and economy that turned in manufacturing, construction -- jobs men had that didn't require degrees and they lost those jobs in this economic downturn."

Martin said he now sees a mix in who is running finances in the home.

"When you have two earners really busy in the household, no one is really doing a good job running them today when I see that," he said. "There's often confusion or lack of coordination or talking about it."

"Early Show" substitute co-anchor Jeff Glor also pointed out a statistic that between the years of 1970 and 2007, women's earnings grew 44 percent compared with just a 6 percent growth for men.

Will this increase continue?

Callahan said it's likely.

"I think this again is a great thing for women but really great for families even though it seems like this could create conflict, it's an opportunity for men and women to talk more about how they spend their money," she said. "Women are going to continue to get more degrees and continue to be more successful in their careers and change that dynamic. If you're not competitive with your partner and you sit down and talk about your finances, it can be a very positive thing for your family."

Martin added this may change who will be the so-called "spender" and "saver" in families.

"One really spends a lot. The other tries to save a lot. The person who may make more says I can spend more and you really can't say anything about it," he explained. "Now women are finding empowered by that saying, 'Wait a minute, I'm making more here. I'm allowed to spend. Let me do that. Don't police me on my spending.' And that's a big bone of contention here and you have to work that out."

Martin said it's social Darwinism.

He said, "Women have had to fight and scratch for advancements in the workforce and advancements in pay, and they've become survivors and better at it than men. Men have been more complacent. Women have got the momentum right now."