More American women than men feel insecure in their finances
Chicago, IL, March 18, 2024 —A new Ipsos poll conducted on behalf of BMO reveals that while most Americans report growing concerns with their finances, women are statistically more likely than men to report growing more concerned over the past three months with inflation (59% vs. 52% of men), the cost of living (61% vs. 54%), and their overall financial situation (44% vs. 35%).
While most American men and women feel in control of their finances, fewer women (71%) than men (82%) report feeling in control. A plurality of Americans say they are making real financial progress, with fewer women (37%) than men (49%) reporting this. Women are also more likely to indicate that family-related expenses (24% vs. 21% of men) and monthly bills (38% vs. 30%) represent barriers to making real financial progress for them. Even as a majority of Americans say they would have enough money to get through an emergency, fewer women (57%) than men (71%) say they could do this.
Most Americans say keeping up with monthly bills causes some degree of financial anxiety, with women (67%) more likely to report this than men (60%). Women are also more likely than men to report that they share financial responsibilities with their partners, including setting financial goals for the family (68% vs. 57% of men) and managing day-to-day finances like paying bills (50% vs. 44%). On both counts, however, women are less likely to indicate that they are solely responsible for this (setting goals: 29% of women vs. 46% of men; managing day-to-day: 29% vs. 47%).
At the same time, men are more likely to say their families supported financial literacy by having conversations about budgeting, saving or financial planning when they were growing up (48% vs. 42% of women). However, there are signs things are changing, as two in three (66%) of younger Gen Z women (18–24-year-olds) report growing up in families that supported financial literacy conversations, a figure which is actually significantly higher compared to men who of the same age (60%).
About the Study
These are the findings of an Ipsos survey conducted on behalf of the BMO. Fieldwork was conducted between January 2 and 19, 2024. A total of n=2,500 Americans aged 18+ participated in the survey which was fielded via the Ipsos’ panel. Quotas and weighting were used to ensure the sample's composition reflects that of the American population according to census parameters. This survey has a credibility interval of +/- 2.4 per cent 19 times out of 20, of what the results would have been had all American adults 18+ been surveyed.
For more information on this Factum, please contact:
James Cottrill
Senior Account Manager, Ipsos Public Affairs
+1 416 324 2900
[email protected]
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