Many Americans are worried about their financial situation right now, regardless of their gender. However, there are some key differences in the top concerns among men versus women, according to a new GOBankingRates survey.
Here’s a look at how Americans’ top financial concerns break down by gender.
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Men and Women’s Biggest Financial Concerns
According to the survey, the top financial concern among men is not having enough income (27%) followed by having too much debt (22%), not being able to save money (21%), having trouble living within their means (20%) and not having the knowledge necessary to best manage their finances (13%). Thirty-one percent of men said they are not worried about any of these things.
Among women, the top financial concern is also not having enough income (35%). However, the No. 2 concern for women is not being able to save money (30%), followed by having too much debt (24%), having trouble living within their means (18%) and not having the knowledge necessary to best manage their finances (13%). Women were less likely to say that none of these concerns are applicable to them (24%).
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Why Insufficient Income Is a Top Concern for Both Genders
Both men and women view not having enough income as their primary financial concern, and there are several reasons why this is the case.
“Now more than ever, we are coming off the backs of years of high inflation and Americans are still adjusting to this,” said Gloria Garcia Cisneros, CFP, wealth manager at LourdMurray. “Also, Americans are feeling higher interest rates in their everyday life — [this affects the cost of] buying cars, paying credit cards and variable rate mortgages. The rising cost of living has outpaced wage growth.”
While both men and women believe they are not earning enough, this is a bigger concern for women than men (35% versus 27%). Once again, there are a number of factors that could play into this.
“First, the gender pay gap is still prevalent,” Cisneros said. “There has been progress, but things are still not equal. This disparity is even more pronounced for women of color. Second, women are more likely to take on caregiving roles, which can lead to gaps in income in their careers. This affects their lifetime earnings.”
Women Are More Concerned About Saving Money Than Men
According to the survey, not being able to save money is a worry for 30% of women versus 21% of men.
“Women tend to live longer and be caretakers of others. This means they will need to have additional funds to meet both of those needs, and are leaving savings for themselves as a last priority,” Cisneros said. “This, on top of the earning potential issues, combines to a situation where saving enough is a top concern for women.”
Having Too Much Debt Is the No. 2 Concern for Men
After not having enough income, having too much debt is the No. 2 concern among the men surveyed.
“I believe that men may carry cultural and societal pressure to be the primary financial providers,” Cisneros said.
This can lead to spending more than they actually have to provide for their family, which can lead to debt.
Overall, Women Are More Concerned About Their Finances
While nearly one-third of men (31%) said none of these concerns were applicable to them, less than a quarter of women (24%) said the same.
As for why this is, Cisneros believes that “it’s a mix of historical laws (women weren’t able to take out a mortgage until the ’70s), longer life expectancy, the gender wage gap, taking time off work for raising children and pressures to take care of family [before themselves]. All of these can limit their earning potential, career advancement and lifelong savings and investments.”
Methodology: GOBankingRates surveyed 999 Americans ages 18 and older from across the U.S. between May 3 and May 7, 2024, asking three different questions: (1) Is there anything standing in your way toward paying off your debt(s)? (Select all that apply); (2) What are your concerns about your financial situation right now? (Select all that apply); and (3) Which of the following are true of debt relief? (Select all that apply). GOBankingRates used PureSpectrum’s survey platform to conduct the poll.
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This article originally appeared on GOBankingRates.com: These Are the Biggest Financial Concerns for Men vs. Women
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