Debt is a general problem no matter your country, language, race, and gender, and it affects everyone the same way, and the solutions are the same to get rid of these debts.
However, in some papers that examine the details of the debts by the statistics of the debts, we see some inequalities in the debts that genders take.
According to many reports on the internet, women have more debt and suffer more financially than men no matter what it is for.
The majority of women in the United States have money problems that lead them to struggle with cash until the end of the month, and their paycheck arrives for the next month.
We also see companies like a debt relief company or a debt settlement company saying that their clients are mostly women, and this is interesting data.
We will discuss the reasoning behind this and take a look at how many women are in debt.
- At least 40% of women have a hard time making their cash last until the end of the month.
- The majority of women live under unsecured debts, and at least 60% or more women are in debt.
- The reason for this could be inequality in pay.
- Women, in general, have lower salaries than men in the same position.
Women and Debt
First, it is important to understand if women are in debt more than men and, if so, why women have more debt.
Even though the reason behind it is not really possible to know, all of the data, both from companies and governmental data, shows that at least 40% of women have a hard time making their cash last until the end of the month and they are living paycheck to paycheck.
A report by young women trust reveals that the majority of women live under unsecured debts, and they have a hard time paying those debts back.
So, it is safe to say that at least 60% or more women are in debt, and this is getting higher and higher.
Another statistic by stepchange.org, a debt charity organization, shows that at least 60% of their clients are female.
The biggest thing that contributes to the fact that women have more debt could be the inequality in the payment of the jobs.
Women, in general, has lower salaries than men in the same position most of the time, which leads women to have financial struggle and opt for unsecured debts like credit card bills or not paying their utility bills in time.
To conclude, in many reports that we see on the internet, either by organizations like debt relief companies or debt settlement companies or with governmental statistics, we see higher debts in women and most of them say that they struggle to keep up with their payments until the end of the month, leading them to live paycheck to paycheck.
The reasons behind this are not clear, but some suggestions state that the biggest reason is the inequality in pay.
A woman who is working at the same job as a male gets a lower salary than her peer, which leads her to struggle with her money.
This struggle leads women to resort to debts like credit card bills.
It is estimated that approximately 60% of women are in debt and at least 40% of them struggle to pay those debts altogether.
Amit Gupta is the founder of National Planning Cycles, a company that helps startups, individuals, and small businesses with their financial planning. He has a vast amount of experience in the finance sector, having managed Google Play accounts for some of the world’s most successful unicorns. Amit is an expert in his field, and he uses his knowledge to help others achieve their individual goals.