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Survey: Younger Women More Supportive of Other Women in Coping with Financial Stress

S.J. Steinhardt
Published Date:
Mar 2, 2023

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A large majority of younger women agree that they must do everything they can to lessen the gender wage gap, and to support other women when it comes to career and finances, a survey by Fidelity Investments—timed to coincide with the beginning of Women’s History Month—reported.

The survey found that millennial and Generation Z women lead the way when it comes to supporting other women; 80 percent of Gen Z-ers and 72 percent of millennials have taken an action to support other women in their lives, such as by making job recommendations or references; helping to meet work demands by providing child care or transportation; sharing personal setbacks; discussing pay; and helping with budgeting. That compares to 56 percent of the women respondents overall.

Seventy-one percent of Gen Z-ers and millennials surveyed said that is important to do everything they can to help lessen the gender wealth gap, compared with 66 percent of women overall.

The survey also found that financial stress among women starts early. Eighty-five percent of the women surveyed— including 88 percent of Gen Z-ers, 87 percent of millennials, 82 percent of Gen X-ers and 79 percent of baby boomers—reported finding some source of stress from work.

That stress may have its roots in childhood. Fifty-eight percent of men recall having money talks with their parents when they were younger than 18, compared to 53 percent of women. Twenty-seven percent of teen boys have had conversations around how to invest, compared to 20 percent of teen girls.

Perhaps, not coincidentally, large majorities of teen girls would like more financial education from such sources as their employers, their schools or a family member. Specifically, 81 percent of teen girls would like more hands-on ways of learning about investing and personal finance; 80 percent wish their schools had more resources on these topics; 72 percent would like their job or employer to provide more information supporting their financial wellness; and 66 percent would like a family member to teach them about money and investing.

For the Fidelity Investments survey, polling company Big Village interviewed 3,747 adults 18 years of age and older, in early January, about the state of women’s finances and whom they turn to for support.