Women are earning more money now than they have in decades, but they are also reporting more financial stress than men.
Adjusted for inflation, women’s wages have increased by almost 14% since 1979, according to the U.S. Bureau of Labor Statistics. However, nearly 34% of women surveyed by GOBankingRates reported extreme financial stress, especially when it came to saving money. Only 24% of men said they experienced the same level of financial strain.
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“Women face unique financial stressors due to the compounding effects of pay inequity, caregiving responsibilities and rising costs of living,” said Constance Craig-Mason, a financial planner and CEO of Concierge Financial Advisory.
Here are four reasons 34% of women say they have extreme financial stress.
Next, learn how your bank can help if you’re feeling financial stress.
The most obvious reason more women than men report extreme financial stress is that they earn less while expected to do more with what they have.
Women make up nearly 60% of the U.S. workforce, according to the Federal Reserve Bank of St. Louis. However, they are paid an average of 84 cents for every dollar a man makes, Federal Register reported.
In addition, women are underrepresented, making up 34% of the workforce, in STEM (science, technology, engineering and math) jobs that tend to be among the fastest-growing and highest-paid, according to a study by the American Association of University Women (AAUW).
Cynthia Campos Delgado, founder and financial advisor at Campos Wealth Management, said the lack of women in high-paying roles coupled with caregiving responsibilities means they have less money to save.
“In many situations, women are being paid less and not offered higher-paying positions within a company,” Delgado said. “If women are single parents, they are bearing the financial weight of making less money while providing for dependents.”
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Many women are often responsible for the emotional and financial well-being of their households, which adds an extra layer of financial pressure.
“Women often think about the entire household and every member’s future,” said Melanie Musson, a finance writer at Clearsurance, an online insurance shopping platform. “They’re not content to make it through the month. Instead, they’re trying to figure out how to pay for activities, children’s college and potential medical bills.”
