Women’s wealth stats: how do women handle their finances? | finder.com

Women & wealth: Financial statistics

How do women make, manage and invest their money?

The next frontier in women’s financial revolution could very well be finding fitting solutions to gender-specific financial challenges in making money and investing it wisely.

While money management is a gender-neutral concept, with more financial power than ever before, women are facing unique financial hurdles. Through commissioning surveys with help from Pureprofile, finder has gathered data that highlights the personal finance challenges faced by women today and the driving factors behind their financial decisions.

Unacceptable Partner Debt
Date of survey: January 2018

Unacceptable Partner Debt

  • The top three most unacceptable debts for women are credit card (77.75%), payday loans (77.06%) and student loans (75.69%).
  • The most accepted loans are business loans (70.78%), home equity loans (71.27%) and medical bills (72.06%).

Kids Allowance
Date of survey: December 2017

Kids Allowance

  • On average, women give their children $13.53 in allowance each week, compared to men who give an average of $17.38.
  • 86.17% of parents who give an allowance require a chore to be done.
  • 1 in 2 parents with kids 21 of younger give an allowance to their kids.

Christmas Confessions
Date of survey: December 2017

Unwanted Gifts

  • Women appear to be the pickier of the sexes, with 54.90% saying they’ve received an unwanted gift, compared with 51.22% of men. The average expected value of these unwanted gifts is $50.56 each for women and $48.21 for men.
  • Women (26.07%) appear more likely to give their unwanted gifts to someone else, compared with 19.07% of men. When it comes to pointing out their partner’s flaws, 11.85% of women and 10.21% of men say their partners gave them the worst gifts.
  • Women are less likely to purchase a gift they know a recipient won’t like (6.08% compared to 7.96% of men).
  • When it comes to spending time with family over the holidays, a higher proportion of women (58.73%) than than men (47.55%) look forward to it. On the flip side, a higher proportion of men (2.65%) than women (1.08%) look forward to getting drunk during the holidays. They also anticipate taking time off work more than women: 13.06% of men compared with 6.27% of women.

Holiday spending
Date of survey: December 2017

Holiday spending

  • Women plan to spend less on gifts during the 2017–2018 holiday season, sitting at $609.49, compared to $725.17 of men.
  • Slightly more women than men this year will turn to their savings for gift buying — 69.4% compared with 68.4% respectively.
  • 53.4% of women will pay with credit cards, compared to 58.7% of women who plan to rely on plastic.
  • 4.8% of women said they plan to use a short-term payday loan to pay for gifts this year, compared with 6.0% of men, while 4.9% of women said they’ll take out a personal loan — lower than the 6.2% of men who plan to.
  • Borrowed money from friends or family will contribute to 5.8% of purchases made by women, compared with 6.8% of men’s.
  • A higher proportion of women will solely rely on their savings (42.0%) when compared with men (38.3%), while a higher proportion of men will solely rely on their credit cards (28.9%) when compared to women (25.9%).
  • Women are less likely to have a Christmas debt than men (52.16% compared to 57.43% respectively)
  • Of these women, the average number of months they expect to take to pay it off is 5.5 months, compared to only 4 months for men
  • American men plan to spend more than American women at $725.15 — or $115.68 more than women.

Sale purchase regrets
Date of survey: November 2017

Sale purchase regrets

  • Even though women (44.3%) were more likely to purchase items on sale that they later regretted than men (42.7%), men were more likely to spend more per item on their regretful purchases ($526) than women ($343).
  • As with sale regrets, women (68.2%) have a higher likelihood of purchasing items on sale that they wouldn’t have purchased if they weren’t on sale. Men, in comparison, sit at 62.0%.
  • Women spent an average of $412 on such items and men spent an average of $903.

Black Friday
Date of survey: November 2017

Black Friday

  • Women are more likely to hold off or wait for sales (50.4%) compared to men (45.1%).
  • A higher proportion of women intend to spend money on Black Friday sales this year (46.5%) compared with men (41.6%).
  • Interestingly, men intend to be the biggest spenders this year, planning on spending $651 on average, compared to $463 for women.

Preppers
Date of survey: November 2017

Preppers

  • Of those surveyed, 26.96% of women have recently purchased survival gear for either political or natural disaster reasons compared with 28.77% of men.
  • Many people haven’t purchased survival gear because they always have it on hand — including 39.51% of the women and 35.61% of the men.
  • Women are slightly less likely than men to wing it in the event of a disaster, with 33.53% of women reporting they’ve resisted dropping money on preparation, compared with 35.61% of men.
  • To prepare for a potential doomsday, an estimated 38.24% of women and 34.39% of men spent up to $400 on survival kits in the past 12 months.
  • When it comes to preparing for emergencies, men appear to be slightly more proactive than women, with an estimated 45.39% of women and 47.55% of men putting up to $5,000 into savings in the past 12 months.
  • On the flip side, women seem to be the more generous gender, with 35.59% donating up to $400, compared with only 29.39% of males who’ve done the same.

Side hustles
Date of survey: September 2017

Side hustles

  • 72.6% of women admit to making money on the side, compared to 69.3% of men.
  • On average, women make $3,038 on the side.
  • Women are three times more likely than men to make extra money babysitting — 35.2% of women compared to just 11% of men.
  • Freelance creative work is the next most popular side gig for women (25.2%), followed by cleaning (23.6%), laboring (handyman, building, trades) (11.2%), driving services (delivery, Uber/taxi, etc) (7.9%) and freelance advice (legal, accounting, consulting) (7.6%).

Personal loans
Date of survey: September 2017

Personal loans

  • 33% of women have taken out a personal loan in the last year, compared to 36% of men.
  • 30% of these women used it for a vehicle, 26% for bills, 20% for tuition fees, 19% for emergency, 12% to consolidate debt, 11% for rent, 10% for home renovations, an equal 7% for medical expenses and moving home or relocating and 5% for business.

Debt regret
Date of survey: August 2017

Debt regret

  • Overall, more women experience debt regret than men — 62.8% of women regret a debt they’ve taken on, compared with 59.6% of men.
  • The most common debt regret for both is shopping, with nearly half of women (49%) admitting to this regret, compared with 2 in 5 men (40%).
  • Education is also the second most common debt regret among both genders, but women regret it slightly more than men (29% compared to 26% of men).
  • If they could do it differently, women would have instead saved up and paid for it with their own money instead of going into debt (40.3%), not made the purchase (30.5%), shopped around for a better deal (18.6%), purchased something else (5.5%) or used a different line of credit to the one they did use (4.3%).

Money mistakes
Date of survey: August 2017

Money mistakes

  • Almost 4 in 5 women (78.6%) admit to having made one of the below money mistakes, sitting slightly above men, who came in at 77.6%.
  • Women name blowing too much on fun (vacations, dining out, shopping, etc) as their number one money mistake (66%), followed by dropping out of college (20%), letting their partner control their finances (16%), a bad investment (such as property or stocks) (11%), having children (8%), being caught in an online scam (7%) and paying too much for a wedding and too much gambling, equal at 6%.

College debt
Date of survey: August 2017

College debt

  • When it comes to who has earned a college degree, 61.5% of women have earned a college degree, compared to 69.8% of men.
  • Women are more likely to think that their college degree was worth the money, with 17.3% identifying that it wasn’t, compared to over 1 in 4 (23.4%) men.
  • 51.2% of women say they’re not using their degree, compared with 47.4% of men.
  • Women are less likely to name a career change as the reason their degree wasn’t worth it (8.5% compared to 12.1% of men).

Impulse shopping
Date of survey: August 2017

Impulse shopping

  • Interestingly, women (62.6%) admitted to impulsive online spending less than men (67.2%).
  • Women are also less likely to have a daily impulsive shopping habit (4.8%, compared to 11.0% of men).
  • Women spend less money than men on their impulsive shopping per session than men, with average purchases sitting at $70.97, compared to $105.35.

Money transfer
Date of survey: July 2017

Money transfers

  • Women are less likely to look out for themselves than men when transferring money overseas – 39.8% of women make transfers that are convenient for the receiver versus 34.6% of men.
  • Despite more women (78%) feeling ripped off when transferring money overseas when compared with men (65%), women are more likely to do nothing about it and continue using the same provider.
  • When it comes to why women conduct international money transfers, family support is the leading reason (59%), followed by occasional gift (36%), emergency (24%), vacation (23%), transferring to own account (12%), wedding (11%) and business (10%).

Game of Thrones piracy
Date of survey: July 2017

Game of Thrones piracy

  • 58.3% of women planned to tune in to GoT S7, compared to 66.4% of men.
  • Women are less likely to watch the show illegally, sitting at 4.5%, compared to 7.0% of men.

Borrowing from friends & family
Date of survey: June 2017

Borrowing from friends & family

  • Women tend to go to friends and family for less money on average than men, averaging $2,535.36 in loans compared to $4,403.55 for men.
  • 28% of these women paid back their loans in full, slightly about the 27% of men that did.

Retirement
Date of survey: May 2017

Retirement

  • Just under 1 in 4 women (24%) think they’ll be able to retire between 61–65 years of age. 66-70 came in second (21%), followed by 50–60 (15%), 71–75 (10%), under 50 (6%), 76–80 (3%), and over 80 (1%).
  • Nearly 1 in 4 women (19%) said that they don’t think they’ll ever retire.
  • 75% of women wish they had started contributing to their retirement earlier in life.

Cost of winter
Date of survey: February 2017

Cost of winter

  • 30% of women took time off work due to sickness this Winter.
  • 43% of women spent between $21–50 on cold and flu supplies, 29% spent $20 and under, 11% between $51–100 and 5% spent between $101–200 and an equal 1% spent between $201-300 and $500+.
  • When it comes to getting food delivered while ill, 63% spent $20 and under, 27% spent between $21–50, 7% spent between $51–100 and 3% spent between $101–200.

Valentine’s Day
Date of survey: February 2017

Valentine’s Day

  • 38% of women plan to purchase for their husband, 27% for their boyfriend, an equal 19% are not participating or purchasing for themselves, and an equal 2% are purchasing for their wife or their girlfriend.
  • In terms of other gifts, 51% are purchasing a Valentine’s Day gift for kids, an equal 51% on family, 34% on other family, 28% for a pet dog, 18% for a pet cat, and 13% are even purchasing for a secret lover.
  • 50% of women expect their partner to spend between $0-20 on them, 26% predict between $21-50, 15% between $51-100, 5% between $101–200, 2% between $201–300, and an equal 1% between $301–500 and $501–1000.
  • 66% of women say that 0-25% of their Valentine’s Day spending will be charged to their credit card, 22% say between 76–100% will, 11% say between 26–50% and 4% say between 51–75%.
  • 40% of women have celebrated Valentine’s Day after February 14 to get better value, 5% more than men.

Missed payments
Date of survey: January 2017

Missed payments

  • Women are less likely to miss payments, with 34% of admitting to missing payments, compared to 36% of men.
  • Women are also less likely to miss payments across all categories (credit card, home loan, personal loan, payday loan/short-term loan, car loan) compared to men.
  • 52% of women keep regular savings, compared to 67% of men.

Digital wallets
Date of survey: January 2017

Digital wallets

  • Women are less likely to use a digital wallet than men – only 38.8% of women have used a digital wallet before, compared to 51.2% of men.
  • 39.7% of women are more likely to spend money using their digital wallet, significantly less than 60% of men.
  • 51.0% of women say that they use their digital wallet more than any other means of transferring money (such as online banking, checks or ATMs), compared to 66.8% of men.

For media inquiries:

Jennifer McDermott

Consumer advocate helping people improve their personal finances.

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