Many Americans, regardless of gender, are worried about their finances right now, but a new survey from GOBankingRates reveals some key differences in what men and women are most concerned about.
Let's take a look at how Americans' biggest economic concerns break down by gender.
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Men's and women's biggest financial concerns
The survey found that the biggest worry among men is not earning enough (27%), followed by having too much debt (22%), not being able to save (21%), having trouble living within their means (20%) and not having the knowledge necessary to best manage their finances (13%). 31% of men said they are not worried about any of these things.
Among women, the most common financial concern is not earning enough money (35%). However, the second most common concern for women is not being able to save money (30%), followed by having too much debt (24%), having trouble living within one's means (18%), and not having the knowledge necessary to best manage one's finances (13%). 24% of women say these concerns do not apply to them.
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Why lack of income is a top concern for both men and women
Both men and women see not earning enough money as their biggest financial concern, and there are several reasons for this.
“Now more than ever, we are coming out of years of high inflation and Americans are still adjusting to this,” said Gloria Garcia Cisneros, CFP, wealth manager at Lord Murray. “And Americans are feeling the rising interest rates in their everyday lives. [this affects the cost of] “Rising costs of living, whether it's buying a car, paying off credit cards or paying for an adjustable-rate mortgage, are outpacing wage growth.”
Both men and women feel they don't earn enough, but this is a bigger concern for women than men (35% vs. 27%). Again, there are a number of factors that contribute to this.
“First, the gender wage gap still exists,” Cisneros says. “We've made progress, but we're not yet equal. This gap is even more pronounced for women of color. Second, women are more likely to take on caregiving roles, which can lead to earnings disparities over their careers. This impacts lifetime earnings.”
Women are more interested in saving money than men
According to the survey, not being able to save money is a concern for 30% of women and 21% of men.
“Women tend to live longer and are more likely to care for others, which means they need additional funds to meet both of those needs, making their own savings a last priority,” Cisneros said. “This ties into a situation where, on top of the issue of earning potential, having enough savings is a top concern for women.”
Having too much debt is the second biggest concern for men
Among men surveyed, having too much debt was the second biggest concern, after not earning enough.
“I think there is cultural and societal pressure on men to be the primary financial breadwinners,” Cisneros said.
This can lead to spending more than you actually need to provide for your family, which can lead to debt.
Overall, women are more worried about finances
Nearly a third of men (31%) said these concerns don't apply to them, while less than a quarter of women (24%) said the same.
Cisneros believes that why this is happening is a combination of “historic legislation (women couldn't get mortgages until the '70s), increasing life expectancy, the gender wage gap, taking time off work to raise children, and the pressure to care for family members.” [before themselves]All of this can limit your earning potential, career advancement, and lifetime savings and investments.”
Methodology: GOBankingRates surveyed 999 Americans ages 18 and older across the U.S. from May 3 to May 7, 2024, asking three questions: (1) Is there anything that is getting in the way of paying off your debt? (Select all that apply). (2) What concerns do you have about your current financial situation? (Select all that apply). (3) When it comes to debt relief, which of the following apply to you? (Select all that apply). GOBankingRates conducted the survey using PureSpectrum's research platform.
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This article originally appeared on GOBankingRates.com: Here's the biggest financial concern for men and women