Our latest research has identified a stark gender divide. Women are not only hardest hit by the current financial squeeze, they’re also feeling less optimistic about their personal finances and the wider economy.
According to our latest Quarterly Consumer Report (out this coming Tuesday), women are more likely to be cutting back on essentials and are struggling to save for the future.
In fact, women estimate they spend an hour and a half more than men worrying about finances each month.
Men are more optimistic about the economy
Only 19% of women expect their finances to improve over the next year, compared to 25% of men. Women are also much more pessimistic about the future of the economy, with only 15% expecting it to improve in the next 12 months, compared to 27% of men.
The Which? Squeezometer shows that 38% of women, compared to 31% of men are feeling financially squeezed – cutting back further on things like food, socialising and household goods. And last month women were more likely to run out of money (31% compared to 23% of men).
In these circumstances many women are failing to save – 25% of women said they had no savings at all, whereas only 16% of men said the same. You can see more evidence of this gender divide in our picture to the left (click to enlarge).
How’s the squeeze affecting you?
In my home, I have responsibility for doing our finances each month and I’ve noticed the impact of increasing fuel bills. I also find myself looking out for the best deals when I do my online shop to try and cut back on what we spend on food.
So, I’d like to know how the current state of the economy is impacting you. Do you think the current state of the economy is affecting women more than men?
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