How to Put Yourself First Financially

The COVID-19 pandemic has brought to light numerous challenges women face, including their disproportionate role as default and unpaid caregivers, the lack of societal support for caregiving responsibilities, and the overwhelming stress that results from these circumstances. 

 

 

The pandemic has also allowed women to reflect on the financial gender gap, which is not solely due to unequal pay for equal work, but is primarily influenced by the "motherhood penalty." This penalty refers to the significant decline in a woman's financial prospects after having children. 

 

 

In contrast, men's economic outlook remains relatively unchanged. Many women have also realized the financial costs associated with romantic relationships.

 

 

According to The Harris Poll's 2023 State of Women Report, conducted on behalf of the Skimm, only 28% of millennial women surveyed reported having "good" financial health. 

 

 

A substantial 45% described their financial health as "somewhat poor" or "poor." Additionally, 80% of millennial women expressed concerns about how the current state of the economy will impact their finances, and 60% worried about the need to financially support family members during economic downturns.

 

 

Despite these concerns, women are not letting worry paralyze them. They actively strengthen their financial futures by paying off debt and following financial plans. 

 

 

The report highlights that 24% of women surveyed have already changed career paths to pursue higher earning potential, while 46% are considering doing the same. Furthermore, 38% contemplate asking for a raise or promotion within the year. 

 

 

Nearly half of the women surveyed already own a home, and one-third are actively saving to buy one. Women prioritize their financial well-being, with many doing so for the first time.

 

 

Overall, the study indicates that women are taking action to address their financial challenges, despite the significant obstacles and concerns brought about by the pandemic. They are proactively working towards securing a better financial future for themselves, showing resilience and determination.

 

 

Source :  The Skimm