Rising prices are taking a toll on everyone right now, but a new study shows women are feeling the pain more than men – and it is the primary money woe keeping ladies up at night.
Research from Fidelity Investments found that inflation is currently the top financial concern for US women, with upwards of 70% citing it as their main concern. Respondents listed the costs of essentials as the second-biggest stressor (65%), and another 58% expressed worries about not having enough saved for emergencies.
“We know inflation is a top of mind concern for nearly everyone in this economy, given inflation is at a 40-year-high,” said Loran Kapusta, Fidelity’s head of women investors and customers engagement. “Gender does seem to play a small role in the personal impact the rising costs have—women are more stressed about inflation than men, 71% vs. 66%, respectively.”
The study found there were differences in the concerns voiced by younger women than as a whole, too.
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Gen Z women, ages 18 to 25 told researchers their top concerns were the cost of education (55%), managing debt and credit (27%) and not knowing how to invest (46%).
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Nearly half of women (47%) said their outlook on money and the economy has gotten worse over the past year, and 53% responded that they have scaled back on discretionary purchases since 2021.
“Women proactively took matters into their hands, with more than half of women cutting back on non-essential expenses in the past year,” Kapusta said.
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“They also plan to pay down debt and start or add to an emergency fund in the next year,” she noted, adding, “All of these actions are great strides forward.”