Women are being squeezed on both ends of the financial spectrum, and that has profound effects on their finances. The Institute for Women’s Policy Research reports that women make .80 cents for every man’s dollar as of 2015. That man, on average, are paid more than women will not come as a revelation to most people. What many people may not know, however, is that women are also holding two-thirds of all the student debt in the United States, according to the American Association of University Women.
Despite the fact that women have more student debt and make less money than men, online personal finance company SoFi has found that their women members pay their debt off more quickly than men—by nearly 10% (9.3% exactly). However, paying down that debt may be coming at the cost of investing aggressively for the future. SoFi found that men contribute 6.6% of stated annual income, compared to women at only 5.4%. and men tend to be more aggressive with their investment strategies, with 53% of males choosing the most aggressive plan versus 38% of females.
Erin Lowry, a millennial personal finance expert, has more information on these gender gaps in finances and tips for how young women can take steps to secure their financial future.
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Brennan Coldiron, Broker/Owner
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