A recent survey by BMO Real Financial Progress Index has found significant disparities between men and women when it comes to concerns about cost of living and inflation.
Over the past three months, 61% of women expressed concern about the cost of living, compared to 54% of men. Similarly, 59% of women voiced concern about inflation, compared to 52% of men.
The survey also found that women are more likely than men to identify certain expenses as barriers to making real financial progress. Specifically, family-related expenses and monthly bills are more likely to be seen as obstacles by women (24% vs. 21% of men and 38% vs. 30% of men, respectively).
The BMO Real Financial Progress Index finds that more women than men say they share financial responsibilities with their partners, such as setting financial goals for the family (68 percent of women compared to 57 percent of men) and managing day-to-day finances like paying bills (50 percent of women compared to 44 percent of men).
Additionally, women are more likely to experience financial anxiety when it comes to keeping up with monthly bills (67% vs. 60% of men).
Overall, women are also more likely to be concerned about their financial situation, with 44% saying their concerns have increased over the last three months, compared to 35% of men.
Furthermore, women are less likely to feel in control of their finances, with 82% of men saying they feel in control compared to 71% of women.
Despite recent strides made by women in terms of pay, education, and workplace representation, these findings suggest that there are still ongoing challenges when it comes to achieving financial security and long-term wealth.
This article has been prepared with information from BMO, to see the full report of the firm click on the following link.