Women feel more assured about the economic environment in 2024, despite continuing to report concerns about their personal finances, reports a new survey today by digital banking platform Laurel Road.
“Our latest gender survey reveals that while economic concerns still loom, women are feeling more hopeful this year,” shared Alyssa Schaefer, General Manager & Chief Experience Officer at Laurel Road. “Even with a more optimistic view, significant gaps remain when it comes to financial security, with retirement savings and credit card debt reduction as particular pain points.”
The annual survey, which analyzed the financial goals of 2,197 U.S. adults, shows that the number of women who feel apprehensive about the current economic environment fell by nine points compared to last year. Still, three in four women continue to say the economy could affect their ability to stay on track with financial goals while only 25% reported being on schedule with their personal finance security.
Top areas where women felt behind on remained consistent, with one area being retirement. Thirty-eight percent of women continued to report concerns about their retirement security, up three percentage points year-over-year.
Women also reported student loan repayment as a financial concern, with 14% noting their anxiety around the topics, up from 9% last year. Laurel Road attributes this concern to the end of student loan forbearance, which ceased in the fall of 2023.
Black, Indigenous, and other people of color (BIPOC) reported feeling especially lagged on their personal finances, with 33% identifying retirement savings as a top concern, up 3% points from last year. Additionally, student loan repayment was seen as a bigger concern for BIPOC women (17%), with a seven-point increase from 2023.
Women were surveyed on what would improve their confidence, including greater economic and market stability (35%), having a more stable source of income (35%), creating a clear set of financial goals (like saving for a house, paying off loans, etc.) (26%), having a better understanding of financial systems, products, and tools (18%), developing an investment strategy (15%), and speaking with a financial advisor (14%).
“This annual study highlights just one piece of the larger conversation around the financial challenges and stresses uniquely faced by women. As we recognize Women’s History Month, our goal is to continue shedding light on these persistent issues impacting women’s personal, professional and financial wellbeing. By raising awareness and fostering constructive discussions, we seek to understand the landscape, catalyze positive change and inspire action around improving women’s financial outcomes.”
SEE ALSO:
- Women’s Retirement Planning Hit by Confidence, Savings Hurdles
- The Three Key Moves to Decrease Financial Stress in Women
- Younger 401(k) Participants Seek Personalization Features
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.