The gender pay gap is still very much a thing, with men reporting a median personal income of $75,000, compared to just $45,000 for women, according to the latest data from Finder’s Consumer Confidence Index.
Salary satisfaction is higher with men than it is with women, with 62% of men saying they are happy with their pay, compared to just 40% of women.
And that additional income is paying dividends in not only how much men and women are able to save each month but also their savings balances. Men are putting away an average of $1,074 per month, three times higher than women ($361).
It’s a similar story with savings balances, with men ($38,700) having a little more than twice as much in their savings account as women ($18,112).
Some 58% of women say that they could live off their savings for a month or less, compared to 49% of men.
The vast majority of men and women are at least slightly stressed about their financial situation, with a combined 87% of women and 80% of men saying they’re concerned about their finances.
About 43% of women say that their finances are worse off than a year ago, compared to 32% of men.
Some 70% of women say that their spending and savings habits have changed because of inflation, compared to 59% of men who say the same.
Women (31%) are more likely to say that they need a credit card to manage their budget than men (21%).
American credit card holders owe an average of $3,910 in credit card debt, with women ($4,509) carrying over $1,000 more in debt than men ($3,246).
Women (45%) are less likely than men (54%) to say they pay off their credit card in full every month. Women (38%) are more likely than men (27%) to say that it will take them more than six months to pay off their debt.
Women report slightly lower credit scores than men, with 55% of women saying they have a sub-740 credit score, compared to 48% of men who say the same.
Some 61% of respondents say they own their primary residence, with 38% saying they rent and the remainder selecting Other. Of our respondents, 66% of men say they own their primary residence, compared to 57% of women.
While rent is the biggest stressor for both sexes, women (73%) were more likely than men (66%) to list paying rent as a concern. Mortgage payments were more of a concern for men (56%) than women (50%).
Men (23%) are more likely to say they struggle to pay the mortgage, whereas women (50%) are more likely to say they struggle to pay their rent.
Men (63%) are slightly more likely than women (50%) to say they expect to get a pay increase in the next 12 months.
And men not only are more likely to say they expect to get a pay raise in the next 12 months, but they also (18%) expect a larger raise percentage than women (12%).
Women (59%) are less worried than men (50%) about their chances of losing their job in the next 12 months.
Richard Laycock, Insights editor and senior content marketing manager
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