In celebration of Women’s History Month, Laurel Road conducted its seventh-annual survey exploring financial goals and security among 2,197 U.S. adult men and women. The survey is conducted annually by Laurel Road with the goal to shed light on persistent issues impacting women’s personal, professional, and financial wellbeing. Conversations around these topics inform the general public of the financial barriers that women face over their male counterparts, as well as how both men and women are impacted emotionally by the current economic environment.
This year’s annual survey revealed that women are somewhat less concerned about the economic environment affecting their finances compared to 2023. Still, women’s feelings about their overall financial goals have worsened. Only 25% of women said that they are not behind schedule on anything related to their personal financial security, compared to 34% last year.
Women feel behind on their financial goals in 2024
While more women feel behind schedule on their personal financial goals compared to last year, the top areas in which women feel behind remain consistent. 38% of all women identified retirement savings as a key area where they are behind, followed by 30% feeling behind due to credit card debt repayment. With the end of student loan forbearance, 14% of women also report student loan repayment as a concern, up from 9% last year. BIPOC women also reported feeling behind on personal financial security goals, with 33% identifying retirement savings as a top concern, followed closely by credit card debt repayment (32%).
Impacts of the current economic environment
Both men and women are equally likely to report apprehension about the current economic environment affecting their ability to stay on track with their financial goals (75% at least somewhat agree). Although they reported higher income, white men and women are more likely to say they feel apprehensive about the economic environment than Black men and women. Men and women cite greater market stability and a more stable source of income as the most important factors that would help them feel more confident in their ability to manage their own finances.
|
Improving
confidence in your ability to manage your personal finances |
|
|
Total |
Male |
Female |
Greater economic and
market stability |
38% |
41% |
35% |
Having a more stable
source of income |
35% |
34% |
35% |
Receiving a raise
or promotion |
27% |
28% |
25% |
Creating a clear set of
financial goals (e.g., saving for a
house, paying off loans, etc.) |
25% |
24% |
26% |
A better understanding
of financial systems,
products, and tools |
20% |
21% |
18% |
More education on
basic financial
skills
(e.g., budgeting, saving, investing,
debt management, etc.) |
18% |
20% |
16% |
Developing an
investment strategy |
18% |
21% |
15% |
Speaking with a
financial advisor |
16% |
18% |
14% |
|
Other |
4% |
3% |
5% |
|
None of the above |
15% |
13% |
16% |
Additionally, more men say they are behind on their salary-related goals (29% of men vs. 22% of women). Still, men feel more confident about negotiating a raise or promotion with their current employer (66% of men vs. 54% of women say they are at least somewhat confident). Gen Z women are the least optimistic about negotiating a raise (48%).
Factors contributing to stress in 2024
The factors that contribute to stress and anxiety in their day-to-day lives can affect men and women differently. Both report the top stressors are their personal finances and managing their health. Men report greater stress about their jobs and their careers compared to women, while women are more stressed about their personal finances and managing their households. 1 in 2 Black women say they stress about taking care of their families.
|
Factors that contribute to stress and anxiety in everyday life |
|
|
Total |
Male |
Female |
Personal finances (e.g.,
daily
expenses, long-term
financial goals, etc.) |
62% |
60% |
65% |
|
Managing my health |
50% |
52% |
49% |
|
Taking care of my family |
42% |
44% |
41% |
Chores, errands, and
other household
responsibilities |
36% |
30% |
42% |
|
My job/career |
34% |
40% |
27% |
|
Romantic relationships |
20% |
21% |
19% |
Other personal
relationships |
17% |
17% |
17% |
Pursuing my educational
goals
(e.g., attending
college, training,
completing assignments, etc.) |
11% |
12% |
11% |
About the survey
Methodology
This survey was conducted online within the United States from February 21-23 among 2,197 adults by HarrisX. The sampling margin of error of this poll is plus or minus 2.1 percentage points. The results reflect a nationally representative sample of adults. Results were weighted for age, gender, race/ethnicity, income, and region where necessary to align them with their actual proportions in the population.
