New report shows the extent of women’s financial struggles–from saving to planning
Research

New report shows the extent of women’s financial struggles–from saving to planning

Thursday, July 14, 2022

 

Women report worse outcomes on all measures of financial health: spending, saving, borrowing, and planning, according to The Gender Gap in Financial Health, a new comprehensive study from Financial Health Network. This report focuses on policy- and employer-level solutions that could make a meaningful difference in leveling the playing field for women.

  • Only one in five women (20%) are Financially Healthy versus 29% of men. Even after controlling for income and other demographic factors, women are still 5 percentage points less likely to be Financially Healthy than men.
  • Women are also more likely to be Financially Vulnerable than men (24% versus 17%) – meaning they struggle in nearly all areas of their financial lives.
  • Only 11% of Black women and 7% of Latina women are Financially Healthy. By contrast, the same figure rises to 25% for White women.