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These are the biggest financial concerns for men versus women
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Many Americans are worried about their financial situation now, regardless of your gender. However, there are some key differences in the top concerns between men and women, according to new GOBankingRates research.
Here’s a look at how Americans’ top financial concerns break down by gender.
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The biggest financial worries of men and women
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 difficulty living within their means ( 20%). %) and not having the necessary knowledge to better manage their finances (13%). Thirty-one percent of men said they were not worried about any of these things.
Among women, the main financial concern is also not having enough income (35%). However, women’s second concern is not being able to save money (30%), followed by having too much debt (24%), having difficulty living within their means (18%) and not having the necessary knowledge to better manage their lives. finance (13%). Women were less likely to say that none of these concerns applied to them (24%).
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Why insufficient income is a major concern for both sexes
Both men and women consider not having enough income to be their main financial concern, and there are several reasons why this happens.
“Now more than ever, we are coming out of years of high inflation and Americans are still adapting to that,” said Gloria Garcia Cisneros, CFP, wealth manager at Lourd Murray. “Additionally, Americans are feeling higher interest rates in everyday life – [this affects the cost of] buy cars, pay off credit cards and variable rate mortgages. The rise in the cost of living has outpaced wage growth.”
Although both men and women believe they do not earn enough, this is a greater concern for women than men (35% versus 27%). Again, there are a number of factors that can contribute to this.
“First, the gender pay gap still prevails,” Cisneros said. “There has been progress, but things are still not equal. This disparity is even more pronounced for black women. Secondly, women are more likely to take on caregiving roles, which can lead to income disparities in their careers. This affects your lifetime earnings.”
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Women are more concerned about saving money than men
According to the survey, not being able to save money is a concern for 30% of women compared to 21% of men.
“Women tend to live longer and take care of others. This means they will need additional funds to satisfy both needs and are leaving savings for themselves as the last priority,” Cisneros said. “This, in addition to issues of earning potential, combines with a situation where saving enough is a top concern for women.”
Having a lot of debt is men’s second concern
After not having enough income, having too much debt is the second concern among the men surveyed.
“I believe men can experience cultural and social pressure to be the primary financial providers,” Cisneros said.
This can lead to them spending more than they actually have to support their family, which can lead to debt.
Overall, women are more concerned about their finances
Although almost a third of men (31%) said that none of these concerns applied to them, less than a quarter of women (24%) said the same.
As for why this happens, Cisneros believes that “it’s a mix of historical laws (women couldn’t take out a mortgage until the 1970s), longer life expectancy, pay gaps between men and women, time away from work to create the children and pressures to take care of the family [before themselves]. All of this can limit your earning potential, career advancement, and lifelong savings and investments.”
Methodology: GOBankingRates surveyed 999 Americans aged 18 and over from across the US between May 3-7, 2024, asking three different questions: (1) Is there anything stopping you from paying 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 statements are true regarding debt relief? (Select all that apply). GOBankingRates used the PureSpectrum research platform to conduct the research.
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This article originally appeared on GOBankingRates. with: These are the biggest financial concerns for men versus women