The gender wage gap doesn’t just mean men may make more money than women do: It also means men are more confident about their financial security than women are.
A Bankrate.com survey (via NBC News) reports that in a study they conducted, women reported a more pessimistic view of their financial security than men did in all five categories: job security, comfort level with savings, comfort level with debt, net worth and overall financial situation.
Zaneilia A. Harris, president of Harris and Harris Wealth Management, explained to NBC News, “I think it still stems from the fact that women feel less confident when it comes to their finances in general. You still have us mainly focusing our skill sets in healthcare, in education, in nonprofit—and those positions aren’t going to pay us the salaries we need.”
NBC also notes that a study from the Sloan Center on Aging & Work at Boston College states women prioritize their financial security more highly than men do, but are also less satisfied with it overall.
Bankrate chief financial analyst Greg McBride explains, “Women live longer, they’re more likely to be single parents [and] caring for aging parents … and women are more likely to be out of the workforce for a period of time in their life … All of that really adds an urgency to women of all ages to take full advantage of tax-favored retirement savings opportunities.”