Men are saving at a rate three times higher than women.
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
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.
Average savings
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.
Finder’s Consumer Confidence Index is a quarterly nationally representative survey, so far polling more than 4,000 American adults on questions related to household finances. First collected from October 4 to October 19, 2022, the second run of the survey ran from January 9 to February 17, 2023.
We define generations by the age of participants at the time of the survey:
Gen Z — any adults born post-1997
Millennials — 1981–1996
Gen X — 1965–1980
Baby boomers — anyone born before 1964
We define geographical regions according to the divisions of the US Census Bureau.
For all media inquiries, please contact:
Richard Laycock, Insights editor and senior content marketing manager
Richard Laycock is Finder’s NYC-based senior content marketing manager & insights editor, spending the last decade data diving, writing and editing articles about all things personal finance. His musings can be found across the web including on NASDAQ, MoneyMag, Yahoo Finance and Travel Weekly. Richard studied Media at Macquarie University, including a semester abroad at The Missouri School of Journalism (MIZZOU).
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
