Annual Survey Reveals that Despite Continuing Concerns About Personal Finances, U.S. Women Report More Confidence About the U.S. Economic Environment in 2024

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Mar 07, 2024, 10:00 ET

Retirement savings and credit card debt reduction remain top financial priorities

NEW YORK, March 7, 2024 /PRNewswire/ -- In the ever-changing economic environment, the way people spend and save money continues to be impacted by high interest rates, shifts in the job market and current events. Despite these fluctuations, a new survey released today by Laurel Road, a digital banking platform of KeyBank, with specialized offerings for healthcare and business professionals, found that the percentage of women who feel apprehensive about the current economic environment fell by nine points from last year. However, 3 in 4 women still report the economy is affecting their ability to stay on track with their financial goals.

The seventh-annual survey from Laurel Road, which explores financial goals and security among 2,197 U.S. adults, found that despite improved views of the economy, women's feelings about overall financial security have worsened, with only 25% responding that they are not behind schedule on anything related to their personal financial security, compared to 34% last year.

Women Feel Behind on Financial Goals with Retirement as a Concern
While more women feel behind schedule on personal financial security goals compared to last year, top areas in which women feel behind remain consistent. Up 3 percentage points year-over-year, 38% of women surveyed identified retirement savings as a key area they are behind in followed by 30% feeling behind due to credit card debt repayment. Alongside the end of student loan forbearance, 14% of women also report student loan repayment as a concern, up from 9% last year. BIPOC women specifically also felt more behind on personal financial security goals than in 2023, with 33% identifying retirement savings as a top concern, up 3 points from last year. Student loan repayment was identified as a bigger concern for BIPOC women (17%) than women overall, an increase of 7 points from 2023.

A Gendered Perspective on Financial Stressors
Although men and women both encounter distinct stressors in their daily lives, 65% of women often experience elevated stress related to managing their personal finances compared to 60% of men. Meanwhile, 42% of women report stress related to household responsibilities while only 30% of men feel the stress of household responsibilities.

Across both men and women, respondents identified that greater market stability and a more reliable source of income are the most important factors in generating greater confidence in their ability to manage finances.

"Our latest gender survey reveals that while economic concerns still loom, women are feeling more hopeful this year. Even with a more optimistic view, significant gaps remain when it comes to financial security, with retirement savings and credit card debt reduction as particular pain points," shared Alyssa Schaefer, General Manager & Chief Experience Officer at Laurel Road. "This annual study highlights just one piece of the larger conversation around the financial challenges and stresses uniquely faced by women. As we recognize Women's History Month, our goal is to continue shedding light on these persistent issues impacting women's personal, professional and financial wellbeing. By raising awareness and fostering constructive discussions, we seek to understand the landscape, catalyze positive change and inspire action around improving women's financial outcomes."

Exploring the Intersection of Finances, Career Growth, and Women
Although men are paid more on average than women, a greater number report they are behind on their salary-related goals (29% of men vs. 22% of women). Despite this, men feel more confident negotiating a raise or promotion with their current employer (66% of men vs. 54% of women say they are at least somewhat confident). Gen Z women are the least optimistic about negotiating a raise (48%).

While the latest study indicates a significant change in women's attitudes toward the economy, showcasing an emerging sense of optimism compared to the previous year, overall, the trend persists that women feel behind in achieving financial security, notably in the areas of retirement savings and paying down debt.

For additional results from this survey, visit www.laurelroad.com/resources/financial-survey-annual-survey-womens-personal-finances.

Methodology
This survey was conducted online within the United States from February 21-23 among 2,197 adults by HarrisX. The sampling margin of error of this poll is plus or minus 2.1 percentage points. The results reflect a nationally representative sample of adults. Results were weighted for age, gender, race/ethnicity, income, and region where necessary to align them with their actual proportions in the population.

About Laurel Road
Laurel Road is a digital banking platform and brand of KeyBank that provides tailored offerings to support the financial wellbeing of healthcare and business professionals. Laurel Road's banking and lending solutions, including Loyalty Checking and High Yield Savings accounts, Student Loan Cashback Credit Card, Student Loan Refinancing, Mortgages, Personal Loans and more, provide our members with a simplified, personalized experience that helps them better navigate their financial journey and achieve life's goals. Additionally, Laurel Road offers student loan counseling services that help borrowers manage and understand their options.

Laurel Road has reimagined banking and financial management for physicians and dentists through Laurel Road for Doctors, a tailored digital experience made up of banking, insights, and exclusive benefits to provide the financial help and peace of mind they need through each career stage. In spring of 2022, Laurel Road also launched Loyalty Checking, the first checking account designed with nurses in mind, furthering the company's commitment to healthcare professionals. Visit www.laurelroad.com for more information.

Contact:
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SOURCE Laurel Road