Female millennials are significantly more stressed than their male peers about their finances. And with good reason: 42% earn an annual income of $50k or more, vs. 57% of millennial men. And their average total debt is higher than their male counterparts.
Well that sucks.
Yep. There's a gender divide when it comes to money. Female millennials are more fiscally responsible, want higher credit scores, and prioritize saving. How to handle money is at the top of the to-do list for female millennials.
Male millennials prioritize earning more money.
Hm. What's that mean for the ladies?
It takes it toll. Female millennials are pessimistic. 2017 saw a 10% decline in confidence in today’s economy. They are mostly worried about the high cost of living and paying off personal debt. More than half are concerned about outliving their savings and feel economic pressure to work longer than their parents (think: delaying retirement).
So women want to invest?
For sure. Female millennials are more likely than any other generation of women to consider investing more of their cash. Great news. But the majority are somewhat or very confused by investing. Not so great news.
Here's what you told us:
- Female millennial Skimm’rs want to learn: basic investing terms and concepts, types of investment accounts, how much they need to start investing, how to be proactive about saving for retirement, and what financial advisors do.
- Female millennials overwhelmingly get financial info from family and friends. About half get info from a bank or financial advisor. A third from online news. A quarter from budgeting apps.
- In the next three years, female millennials want to increase savings, get smarter about investing, pay off debt, and buy property.
Female millennials have financial goals, but they may not know how to reach them. We’re here to help.
PS: Our friends at Vanguard have got your back to help you save for the future. Learn more here.
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