Women Suffering From More Financial Stress
Women in every age group report higher levels of financial stress compared to men, according to new research from Financial Finesse.
Factors, such as income, age and children in the household, enhance the level of stress. Middle and low income mothers showed the highest levels of stress. 55% of mothers between 30 and 55 years of age whose annual household incomes were less than $60,000 indicated a “high” or “overwhelming” level of financial stress.
Comparatively, men in the same categories had 40% less financial stress, despite living in similar circumstances.
When it comes to age, 26% of men under 30 reported having no financial stress, while only 9% of women in this age category said the same.
For the overall population, financial stress levels have increased over the years. The number of people reporting “high” or “overwhelming” stress jumped from 18% in 2012 to 23% in 2014. Those with no financial stress or some financial stress have stayed fairly consistent since 2011.
“While it’s no surprise to any working mother that juggling competing financial needs is stressful, small steps over time can create financial balance for families at any income level,” said Liz Davidson, Financial Finesse CEO.