The Small Business Times

Why Do Women Struggle More Than Men Financially?

Women tend to feel more stressed about money matters than men. It happens due to wealth disparity and the gender pay gap. Unfortunately, this is a good reason for women to feel additional financial pressure. 

Recent research shows that over half of American millennial women think they won’t have enough funds to retire. Only a third of male respondents have the same feeling. Here is why women struggle financially more than men and what can be done to improve the situation.

Men Are Considered As Financial Providers

Women bring in half of even more of the earnings in a third of married couples across the USA these days. This is a major increase compared to the past decades. However, men are still viewed as the main financial providers as they contribute more of their income. 

About 71% of male respondents consider it essential for a man to be able to support their family in terms of finances to be a good partner.

According to the recent Pew Research Center survey, 32% of them consider it’s also necessary for a woman to do the same in order to be a good partner and wife. A great emphasis is placed on men and their role as financial providers. 

Within married couples, women’s earnings have boosted steadily over the decades relative to their husbands’. They have increased their participation in the labor force and their earning power boosted.

Although, occasional unexpected costs may lead them to search for the companies like cashnetusa to get extra cash for the short term. Women have more issues in finance and doubts about their financial stability and ability to save enough for their retirement so they also turn to lending solutions more frequently.

Current Facts About Gender Pay Gap

According to the research on Economic Inequality By Gender, there is a gender pay gap between women and men across the world. This inequality doesn’t mean discrimination but there are differences in pay by gender. The United Nation’s International Labour Organization (ILO) presents the most complete cross-country data on the gender pay gap.

Statistics show that this gap has reduced in many countries over the past couple of decades. It went down from 50% in 1970 to about 17% in 2016. As for the representation of women in senior managerial jobs, women all over the world are underrepresented in high-profile positions, which are usually better paid. Firms and companies tend to be managed by men, while only 19% of firms have a female manager.

More women consider they don’t earn enough. Almost 68 percent of female respondents claim they only make enough money to make the ends meet, while 58 percent of men say they live paycheck to paycheck. 

The challenge financial makes women seek alternative ways of getting cash to improve their financial stability. “Gender pay gap is a real problem,” says Dan Macklin, CEO of Salary Finance. “Women are paid less than men today. 

They are less likely to get approved for personal loans while maternity leave also affects their monetary stability. Many female respondents claimed they had panic attacks over financial matters.”

How to Overcome Financial Stress

Those who want to become financially independent women and reduce their stress and anxiety about financial matters should follow these rules:

Do More Research

This is the best thing to lower your stress. You need to slow down and ask yourself what you can do to feel more financially secure and confident.

Make Fresh Decisions

Try to distract yourself from your daily problems and financial insecurity. You may want to have a nice walk in the park while you will have enough time to reflect and make fresh decisions. It is necessary to slow down and distract to make your mind calm again as stress usually makes people make irrational decisions.

Turn for Help

Don’t hesitate to ask for assistance. You may turn to your friends and relatives and talk about your current problems. Also, it can be a great way to seek professional help or a financial advisor if you can afford it at the moment. Asking for such assistance and advice can lower your inner anxiety and help you see your problem from another perspective.

Prioritize What You Can Control

Financially wise women understand that they can’t control everything. While certain things can be out of your control, you may prioritize what you can alter and reduce stress. Concentrate on the things you may improve right now. For instance, you may want to lower your monthly spending on certain categories or start saving more.

Make More Money

You may lower your monthly expenses by following a budget but it can still be not enough. If your budget is very tight and you are strapped for cash, the easiest way to improve your stability and reduce stress is to seek a side hustle. Find a way to increase your monthly income. You may add another part-time position, get a weekend side gig, or work a few hours in the evening.

Pay Important Bills

Whether it’s about your utility payments or loan bills, you should pay them off each month. Try your best to be consistent and prioritize important bills first. This is a quick way to get out of debt and prevent paying late fees and penalties. Also, you will be able to keep track of your expenses and know what bills should be eliminated first to lower your financial anxiety.

To sum up, financial stress is common for both women and men these days. In fact, women struggle more than men financially due to the gender pay gap. Men tend to get paid more than women and experience less stress about monetary issues. 

Professional tips and assistance may help women reduce stress and financial anxiety while also seeking ways to boost their income and reach long-term financial goals.