It all started in 1960, when the birth control pill first hit the street. Woman’s Liberation was at hand as millions of sex craved housewives thrust themselves into America’s job market. The reason for this mass exodus was one of careful timing. For many women, for the first time in their lives, they could plan for not having children. This opened up the range of possibilities indeed. Now they could plan their own careers and postpone having children. With their new found freedom and employment came the necessity for their own bank account.
This radical change in demographics clearly was a factor in the growth of the Banking Industry sector. The dynamics of why this mass phenomenon happened are varied and mixed to a degree, but certain facts remain. Domestic banks clearly showed a trend in their financials that was beyond the expectations of the late 1950s. The demographic facts and social trends involving women of that time period display certain patterns. For example; Visa (BankAmericard), got its humble start in Fresno, California, in 1958. At first this concept was meant to be just a local service for the folks of California but grew so rapidly due to its enormous popularity, particularly by the early 1960s, that the floodgates were open to other states as well.
I do believe the pill made a drastic impact on the dynamics, and certainly profits, of the American Banking Establishment. It occurs to myself at times was there actually anyone who saw this coming? In as much as I ask are there other things we have done as a society that will also cause similar radical unrelated changes to our lives. I could go on about how removing the wall from the dining room to the living room in newly constructed houses in the 1950’s revolutionized the TV industry but altered the family dynamic, but that’s another article.