Yahoo Finance partnered with Marist Poll to survey over 3,000 adults. The survey found that 40% of women felt dissatisfied with their savings compared to just 28% of men.
According to New York Life’s Wealth Watch research, women saved an average of $3,146, while men saved $7,007, more than twice as much, in 2022.
What is the real story behind these numbers?
It is no surprise
This is not about willpower, financial discipline, or individual spending habits. Jenna Biancavilla, founder of Svvy® and owner of Pearl Capital Management had this to say,
“The gap is not surprising. It reflects a combination of cultural norms, systemic realities, and personal choices that women are often forced to make,”
Follow the money
The most obvious culprit is the paycheck itself. On average, women earn 85% of what men make, according to the Pew Research Center’s analysis of median hourly earnings for 2024. For women of color, that gap widens even further.
To compound that, women remain overrepresented in lower-paying occupations, even though they have broken into traditionally male-dominated professions. When you are earning less, every financial goal, including saving, becomes harder to achieve.
Women care more
On top of lower pay, the Commonwealth Fund reports that over 60% of America’s 53 million caregivers are women. That is, millions taking career breaks, declining promotions, or choosing flexible but lower-paying jobs to care for children or aging parents.
The Urban Institute calculated that for mothers born in the early 1980s, this equates to a lifetime cost of $295,000 in unpaid caregiving. That breaks down to $236,000 in lost wages and $59,000 in reduced retirement benefits.
These are not abstract statistics. They represent real choices women face. Pursue that promotion or care for a sick parent? Take the higher-paying job with brutal hours or maintain flexibility for your family?
“Women are more likely to take time away from work or seek flexible, lower-paying jobs to care for children or aging parents. These choices are often made out of love, but they reduce lifetime earnings and retirement contributions,” Biancavilla explains.
The confidence factor
There is another overlooked piece to this puzzle. Many women report feeling unwelcome or dismissed in financial planning spaces.
“A lot of women we work with have been talked over, pressured, or sold to by financial advisors. When the industry feels unwelcoming or transactional, women are less likely to stay engaged,” Biancavilla notes.
This creates a vicious cycle. Without quality financial guidance, women may miss opportunities to optimize their savings strategies. Cultural messages still position women as household budgeters rather than wealth builders, undermining confidence in their financial futures.
“Many women never feel like they have the confidence to prioritize their own financial future,” Biancavilla adds.
Closing the gap
Bridging the gender savings gap means rethinking the systems that hold women back, from pay structures and caregiving expectations to the ways financial institutions engage with their clients.
Men are not inherently better savers. They are more likely to have uninterrupted careers, higher pay, and fewer caregiving obligations. Meanwhile, women face decisions shaped by systemic norms: pausing careers for family, accepting flexible but lower-paid roles, and navigating financial spaces that often feel exclusionary.
Solutions like paid family leave, transparent pay policies, and inclusive financial guidance are not just progressive ideals. They are essential steps to ensuring women can build long-term financial security on equal footing.
Taking control
Structural barriers will not change overnight. However, women can take steps toward building their own financial momentum, one decision at a time.
- Track everything in one place. Budgeting helps you see what you earn, spend, and save. Origin lets you create a custom budget, monitor investments, plan taxes, and more — all in one platform.
- Make your emergency fund work harder. Do not settle for low interest on your savings. SoFi Checking is offering 4.50% interest, plus a potential $300 signup bonus. (May change without notice.)
- Lower your monthly bills. Cellphone plans are a quiet budget killer. Click here to save a bundle if you are paying more than $15 a month.
- Invest in your health and protect your finances. If you have a high-deductible health plan, use a Health Savings Account. Lively HSAs can help you save pre-tax dollars and grow them tax-free.
- Start investing — even small amounts. Gold can help protect your savings during economic uncertainty. Open a gold IRA to diversify your portfolio and guard against inflation and market swings.
- Find a flexible income stream. Increase your income without a major commitment. This company's members take surveys in their free time and collectively earn over $55,000 daily.
You do not have to overhaul your entire financial life overnight. Start with one or two changes and build from there. The important thing is taking small, steady steps to build a stronger, more secure future.
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