57% of Women Stressed About Finances Despite Earning Decent Salaries: Study

A fresh study has revealed that most women are stressed about their finances, despite making decent salary. It said that 57% of women reported feeling stress when it comes to their finances and 93% are stressed about managing it. The metrics apply to women irrespective of their income. "93% of women who earn less than $50,000 are stressed about managing their money, 95% of women who earn between $50,000 and $100,000 are stressed, and 92% of women earning over $100,000 are stressed," the Fidelity report said.

"It’s not uncommon to feel stress when it comes to finances, so it's critical we support women by providing proven ways to help them combat this feeling and build financial confidence," said Sangeeta Moorjani, head of Tax-Exempt Markets for Fidelity Investments.

The research further highlighted three financial behaviors that can help women of all ages and income levels reduce their financial stress. The three steps include saving for emergencies, saving for retirement as well as thinking ahead. As per reports, roughly 81% of women with no emergency funds have felt stress. The metrics drastically plummeted to 26% for women who had three months' worth of emergency savings. The stress is also a result of the wealth gap that has always put women in a more vulnerable position as compared to men when it comes to their finances. While gender income parity is something that has to be tackled on a macro level, there are steps that one can always take to minimize financial adversities. 

The report also talked about how small increases in retirement savings can lead to big results when it comes to financial stress. Three in every five women who saved up to 2% of their household income for retirement felt stress. However, once the women started saving between 10 and 14% the metrics came down to 3-in-10 women.

It also seems that women who plan their financial goals and needs for the next few months can counter stress in a better fashion. "More than 7-in-10 (73%) women who only think ahead a few days feel a fair amount or a lot of stress. Once women plan for a few months ahead, that number drops down to less than 4-in-10 (38%)," the report says. 

The report also saw that women are continuing to break old stereotypes including preconceived notions like, men are better at managing finances. The report found that one in every three women has unlearned the stereotype with the younger generation leading the way. "44% of Gen Z women saying they have 'unlearned' this stereotype, compared to 32% of Millennial women and 29% of Gen X women," the report read.

The report also showed how women are no longer approaching money as a taboo subject with more than 52% of women believing that they have gotten better with their finances. "Encouragingly, women today are debunking the financial stereotypes that have historically held us back," said Lorna Kapusta, head of Women and Engagement at Fidelity Investments. 

The report also shed light on how parents are now talking to their kids about finances, 72% of people said that their parents have discussed financial topics with them. If you want to learn more about it, Fidelity is launching a "new learning series for parents and teen girls." Learn more on their official website.