Money worries are, unfortunately, the thing that is most likely to stand between us and good mental health. According to a recent survey of 2,000 Americans, the average American frets about money six times a day while for millennials that number goes up to seven.
Money Worries Can (Often) Be Gendered
But while stressing about everything from paying the bills to having enough to pay for a child's education inevitably creeps up on even wealthy people, women are even more at risk of money-related stress. 46% of men and 36% of women said money worries negatively affected their mental health, a recent survey organized by Bankrate.com and sponsored by HealthLine Media found.
While 60% of women are worried about not having enough in their emergency fund, only 53% of men are. The prospect of unexpected expenses worry 73% of women and 63% of men and, while the gap narrows most for everyday expenses, not being able to pay for them is a concern for 59% of women and 53% of men.
The study did not mention nonbinary or gender-nonconforming people.
Why Are Women Worrying About Money? History And Sexism
The reasons for such results are both historical and multi-faceted -- in the United States, women earn a median of $43,394 a year in 2019 while the median man earned $53,544.
Much has been written about the gender pay gap and the lower numbers are a result of a wide range of interconnected reasons.
While blatant sexism and salary discrimination can certainly occur in some offices, lower salaries can also be the result of everything from gender norms pushing women to take more time off work for family responsibilities to professions that American culture codes as "feminine" having lower income brackets than those that are not.
Bankrate, Survey
As a result, gender inequity seeps into almost every facet of financial planning. 41% of women and 36% of men surveyed worried about being unprepared for retirement while 50% of men and 37% of women said they had stock or stock-related investments.
"These survey results are sobering, as financial stress impacts us all," Faye McCray, editor in chief of Psych Central, said in a statement. "Often, we equate our financial situation with our worthiness, and that may prevent us from seeking support when the worry and anxiety becomes too overwhelming."
What Can Be Done About This?
Unfortunately, existing inequities only get worse when something unexpected happens. 40% of women, as well as 51% of women earning $15 an hour or less, said that their financial situation today is worse off today than it was before the pandemic.
Only 26% of surveyed men felt the same way.
"This is the impact of women not making as much money as men," Zaneilia Harris, president of Harris & Harris Wealth Management Group, told Bankrate. "And when you don't bring home enough income that you feel can sustain your family, that's a stress point."
To mitigate some of that stress, experts interviewed by Bankrate recommend outlining one's income and expenses to have a clear picture of what you're working with -- while this won't solve longstanding inequities, it can give you some a sense of control and help not be blindsided in the face of the unexpected.
"What I recommend people do when they are dealing with financial anxiety in many ways aligns with wise mental health practices,” Lauren Anastasio, CFP and director of financial advice at personal finance app Stash, told Bankrate. "We can focus on what’s in our control, and by putting more of our energy in that, it’s a natural way to help curb anxiety."
