Over Half of Women Are Stressed About Money—But There’s a Proven Solution
Around 58% of women stress about finances multiple times a month, but data show there are several techniques proven to ease money woes.
Nearly 3 out of 5 women (58%) worry about their finances multiple times a month, according to
new research
published by HerMoney and the Alliance for Lifetime Income.The State of Women 2022 study found that 28% of women worry at least several times per week and 14% worry every day. Only 10% think they have complete control over financial matters.
Even among the highest earners, those with an annual family income of more than $200,000, 48% worry about money at least three times per month. Younger women and single women feel more stress than their peers.
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Millennials & singles worry about finances more
Well over half of the millennial women surveyed—64%—worry about their finances regularly. This is more than Gen Xers (60%) and Boomers (51%).
Likewise, almost two-thirds (64%) of single women stress about their financial status at least several times per month, compared to 56% of married women. One in every 5 single women (19%) worries about finances on a daily basis, compared to only 11% of those in a relationship.
What are the most common financial stressors?
When asked what bothers them the most about money, one-third (34%) of women cited competing financial priorities, and roughly the same number say not having enough money saved (32%) frequently stresses them out.
Younger women believe not earning enough is their main financial stressor, while after age 55, women's main fear is not having enough saved up and struggling during retirement.
Health care costs (54%) and running out of money (52%) are the two largest concerns, followed by the effect of market fluctuations on investments (29%) and obtaining long-term care later in life (28%).
Knowing more leads to less financial stress
Studies point to knowledge and education as the main keys to reducing financial stress among women.
Those who say they understand how to build and maintain wealth and are confident in their retirement plan worry less than those who believe the opposite.
- Only 45% of women who know what actions to take to grow money worry about finances frequently, versus 50% who don’t know what to do
- 45% of women who know how to make money last through retirement worry multiple times a month, versus 70% who don’t believe they can
This research also highlighted the top three financial boosts that would alleviate some of the stress surrounding finances for women:
- Achieving a significant investment amount (43%)
- Receiving a pension or having investments that will provide a steady income for the rest of their life (40%)
- Earning a salary increase of 20% (40%)
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