53% of women experience financial stress, study shows

Don't go it alone

Women more likely to experience financial stress. Image: Unsplash

Many are feeling the financial squeeze in this cost-of-living crisis, but women are bearing the brunt (and stress) more than their male counterparts.

The cost of living crisis is more than just a headline; it’s a reality affecting Australians and is hitting women particularly hard.

A study by the Australian Retail Credit Association and YouGov found that women are less confident than men in their financial future for the next 12 months and far more likely to characterise themselves as struggling or losing control of their financial health.

The study showed that 53 per cent of Australian women are wrestling with financial stress, compared to 47 per cent of Australian men. Of those experiencing financial stress, more were likely to be married or in a de facto relationship with kids under the age of 18 at home.

And it's not just an Aussie affair—it’s a global trend. 

Women tend to handle (or not) financial stress in silence. Image: iStock

According to Mintago's most recent findings in the UK, nearly half (48 per cent) of female employees are concerned about their finances, compared to just under a third (31 per cent) of male employees. Similarly, a BankRate survey in the United States identifies a gender gap in financial anxiety, with 52 per cent of women concerned about covering daily expenses, compared to 42 per cent of men.

These numbers aren't just cold statistics; they clearly depict the unique economic hurdles women are facing. The study also identifies a concerning pattern regarding the next steps: women's tendency to manage financial stress independently without seeking outside support.

This self-reliance is admirable (sort of) but it highlights the need for additional support and resources, including a better understanding of why women bear the brunt of the burden and what can be done to address it.

Elsa Markula, the CEO of ARCA, attributes this to women’s multifaceted roles, including the ever-familiar “mental load that comes from running households and raising children.”

Women are professionals, carers, and silently sustaining the financial well-being of their households. They are the unsung heroes who manage the weekly grocery budget, pay bills, and plan for future expenses such as school fees. Whatever it is, women are more often than not at the financial helm.

Financial anxiety can feel hard to escape. Image: Unsplash

But all this juggling comes with its own set of challenges. Markula emphasises the critical need for people to seek help managing their financial pressure, and it starts with literacy and empowerment. "Knowledge is power," she says, encouraging women to learn about credit health and get financial guidance.

“Trying to solve financial pressure when you don’t have the tools you need or the confidence to ask for help is likely to compound your financial stress, not alleviate it,” she said. The answer is calling for a lifeline. Markula encourages “reaching out for help: to lenders, financial counsellors, mental health professionals, or family and friends.” 

Markula’s takeaway is clear: enduring financial stress in silence is a burden no woman should bear, and seeking help demonstrates strength, not weakness. Markula says, “Nothing can be gained from silently suffering and taking on the burden of financial stress - on top of everything else.”

As we navigate turbulent economic times, creating a supportive environment where women feel empowered to manage their finances confidently and seek help when needed is not just beneficial—it's essential for a healthier, more equitable future.

Originally published as 53% of women experience financial stress, study shows