In the first half of 2011, women spent an average of $53 per day at stores, restaurants, gas stations, and online; men spent an average of $64 per day, according to Gallup. Although these daily expenditures represent an increase from the $49 women spent per day in 2010, there are signs that women are not feeling financially secure.
Nearly half (49%) of all American women currently call themselves “working class” (31%) or “poor or below the poverty line” (18%), according to Citibank. By comparison, one in three men call themselves “poor” (13%) or “working class” (25%). Men are more likely than women to say they are well off or upper middle class (20% vs. 13%), and more likely to think they are very or somewhat likely to be well-off in the future (54% of men vs. 46% of women).
There’s also an emerging divide between older and younger women on how they feel about their finances. Women ages 18-49 are most likely (31%) to believe they need a household income of $100,000 or more to live comfortably, nearly double the 17% who actually earn that much, according to Gallup.
By comparison, 23% of men ages 18-49 feel they need a salary of at least $100,000 to live comfortably, and 19% already earn that much. Women over age 50 have the most modest requirements for living comfortably, as well as the lowest reported levels of household income.
The Other 2%
The 5.6 million U.S. families with more than $1 million in investable assets are also facing money concerns, primarily in dealing with the accumulation of wealth.
Nearly all married women (94%) say they and their spouses are equally involved in decisions about family finances, according to Bank of America’s U.S. Trust division. However, women are less likely than men to say they are the primary decision makers in household financial matters; they’re also more likely to say a child or grandchild makes financial decisions on their behalf.
Nearly all married women (95%) say they have discussed taxes with their husbands during the past year, while only 87% of married men said they had these discussions. Likewise, 62% of wives have talked about long-term care, though fewer than half of their husbands (49%) recall having these discussions.
Teen Spending
Teen girls ages 13-17 carry slightly less cash than their male counterparts ($30.10 vs. $31.60) and have less money in their savings accounts ($698.00 vs. $800.20), according to C&R Research. Teen girls are more likely than teen boys to get their money through gifts (45% vs. 41%) or jobs (31% vs. 29%), but less likely to receive money through an allowance (28% vs. 31%) or by selling things on their own (9% vs. 12%).
Teens dole out the most cash on eating out, snacks, beverages, and candy. Teen girls are more than three times as likely as boys to have purchased clothing or shoes during the past week (22% vs. 6%) and half as likely to have bought videogames (5% vs. 12%).
Contacts and Connections: Bank of America, U.S. Trust, Lauren Sambrotto, 646-743-0812; l.sambrotto@bankofamerica.com; www.bankofamerica.com.
C&R Research, Amy Henry, VP Youthbeat, 500 N. Michigan Ave., Chicago, IL 60611; 312-828-9200; amyh@crresearch.com; www.crresearch.com.
Citibank, Lisa Caputo, Managing Director, Founder Women & Co., 399 Park Ave., New York, NY 10043; 212-559-1000; lisa.caputo@citigroup.com; www.citibank.com.
Gallup, Lydia Saad, 901 F St., NW, Washington, DC 20004; 202-715-3030; lydia_saad@gallup.com; www.gallup.com.
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