When it comes to women's rights, the U.S. has come a long way. It’s hard to believe that just 100 years ago, white women received the right to vote. The ability to vote and have their voices heard impacted several facets of politics and the economy. It wasn’t until 1965 that all U.S. citizens were granted the right to vote with no restrictions. However, women are still fighting for equality in many different areas of their lives, including their finances.
In the spirit of Women’s Equality Day, we analyzed a representative sample of respondents in ThinkNow ConneKt. When asked what industry respondents primarily worked in, the responses were drastically different for males and females. Eighteen percent of women stated being currently unemployed, which is double that of men at just 9%. “Currently unemployed” is the top response for women.
Next, we explored women’s “quality of life” compared to their parents. We found that 48% feel they are somewhat better off compared to 57% of men. As a follow-up, we asked if they felt they handled their finances the way their parents did. One-third of women responded to managing their finances similarly to how their parents managed their money.
Only 39% of women feel they have enough money saved for a rainy day. However, both men and women express feeling financially overwhelmed. Forty-three percent of women state they tend to pay off their credit card in full each month.
Financial inequity is more visible in income. We found that the highest reported income for women fell between $20,000-$30,000 a year, whereas men reported an income of $150,000+.
Closing the financial gap for women is imperative to achieving economic parity. While these data points are shocking (though not surprising), sharing these insights raise awareness and provide a jumping-off point to finding solutions to creating equitable spaces for women personally and professionally.
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