Women experience escalating financial burdens and physical pressures
Women in the United States are taking on a more significant role in financial decision-making, with projections suggesting that they will control nearly $30 trillion in assets by 2030. However, a recent study by the Guardian Life Insurance Company of America reveals that despite this growing financial power, women's financial health remains a cause for concern.
The study, which surveyed over 1,000 women, found that only 26% describe their financial health as good, while 84% cite work-life balance as essential to their well-being. This discrepancy between financial control and financial health can be attributed to several factors, including systemic financial inequalities, economic challenges, and persistent social pressures.
Financial Stress and its Impact on Well-being
The study suggests that financial stress is the most significant barrier to achieving well-being for women. Financial challenges affect nearly every facet of women's lives, from their emotional and physical health to their ability to achieve a work-life balance.
55% of women cite money and finances as the primary source of stress, with cost of living, paying off debt, and saving for retirement among the top financial stressors. These financial pressures are compounded by the fact that women, on average, earn less than men, face higher childcare costs, and struggle with housing affordability.
The Impact of Childcare Costs and Wage Disparities
The burden of childcare expenses, combined with wage disparities, creates a significant financial strain for many women. The study found that 44% of female caregivers rate their financial health as fair or poor, compared to the 38% average among all women. Single mothers face an even greater financial burden, with 55% rating their financial health as fair or poor.
Outdated Financial Advice and Evolving Financial Roles
Despite women's increasingly autonomous and complex financial roles—as breadwinners, business owners, and heirs to substantial wealth transfers—many financial advisors still hold outdated assumptions. These outdated assumptions often marginalize women or fail to provide advice tailored to their specific needs.
The study indicates that single mothers and caregivers experience the highest levels of financial distress and the lowest wellness ratings. Working with a financial professional can help improve financial confidence and support women in their pursuit of their own physical and mental well-being goals.
Conclusion
The gender gap in financial health is evident, with women reporting poorer financial health compared to men. To address this issue, it is essential to address systemic economic disparities, evolving but inadequately supported financial roles, and broader social factors that create heavier financial stress despite gains in wealth control and decision-making authority. By working together to provide tailored financial advice and support, we can help women achieve their financial goals and improve their overall well-being.
References
- CNN Business
- Guardian Life Insurance Company of America
- Forbes
- Small Business Administration
- In the realm of work-life balance, 84% of women prioritize it for their wellness, illustrating the significant impact it has on health-and-wellness.
- With mental-health being one of the key areas affected, the study indicates that 55% of women categorize money and finances as the primary source of stress, suggesting a link between financial health and mental health.
- Emphasizing the need for change, working with a financial professional can benefit women's health-and-wellness, particularly in womens-health matters and parenting situations, as single mothers and caregivers tend to face the highest levels of financial distress and the lowest wellness ratings.
