What Is the State of Women & Money in 2023?
What Is the State of Women & Money in 2023?
Gabrielle Olya GoBankingRates
Women have been making major strides in the worlds of personal finance and careers. A recent LendingTree analysis found that single women now own more homes than single men. And in January, Fortune reported that women CEOs run more than 10% of the Fortune 500 companies for the first time in history. Still, the gender pay gap persists and women continue to be less likely to invest than men — even though data has shown that they tend to be better investors.
To get a complete look at women’s financial standing in 2023, GOBankingRates surveyed over 1,000 American adults who identify as female about their financial obstacles and goals, career priorities and attitudes about money. Here’s a look at what we found.
Women’s Primary Financial Goal Is Covering Basic Expenses
Over the past year, women have shifted their financial priority from saving for the future to getting by right now. In 2022, the majority of women (30%) said their primary financial goal was saving for retirement. Now, the majority (26%) said their primary goal is covering basic expenses, with an additional 20% prioritizing paying off debt.
Nearly half of women (47%) said that a lack of money is the biggest obstacle to reaching their financial goals. Additionally, the majority of women (39%) cite inflation/not being able to afford everyday expenses as their biggest financial stressor. This percentage is slightly higher among women who are parents — 41% cite everyday expenses like groceries as the cost they are most overwhelmed by.
Most Women Are Not Actively Investing
The GOBankingRates survey found that 57% of women are not actively investing. When asked why they are not investing, one-third of women (33%) cited a lack of money.
The most popular investment vehicle among women is work-sponsored retirement plans (16%). Less than 10% utilize a brokerage account, IRA or investing app.
Women Are Dissatisfied With Their Career Opportunities
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