While millennials seem carefree (and careless) individuals as it relates to finances, a recent study reveals that they have their fare share of stresses when it comes to money, and women in this age demographic seem to bare the brunt of it.
As per a Novi Money survey, 52 percent of millennial females stated that money problems are the most stressful part of their life, versus the 43 percent of millennial males that feel that way.
Could it be because these millennial men seem to have more money than their female counterparts? The survey also revealed that males in this age demographic have bank balances that are 36 percent higher than that of millennial females, and the men additionally had 26 percent more money in a savings account, and 70 percent more in their retirement plans, when compared to millennial women.
USA Today reported that this is this an issue of spending habits between the sexes? Could be; however, a wage gap between genders still (sadly) does exist, with women earning a mere 79 cents on the dollar compared to men in this age group. This means millennial females are still working that much harder for less money, and additionally needing to act as powerful advocates in the workplace for themselves when it comes to salary increases and potential promotion.
With that said, should you be a millennial female that worries about finances, it may be time to take control of your life and money, by creating a monthly budget. Doing so will help with spending, as well as ways to cut expenses, as a budget will give you a great indication of money coming in and out of your banking account each month. Don’t forget to always “pay yourself first”, by allotting savings towards a retirement fund of sorts, as well as an emergency account, for those unexpected expenses that life can throw your way. Living within your means by refraining from credit card use will also help you to reach long-term financial goals, as racking up that type of debt can prohibit you from saving what you should.
Derek Lebert is a CPA and entrepreneur. Derek has worked in various senior roles in finance.