A recent study found that nearly 6 in 10 women are living paycheck to paycheck, compared to 41 percent of men.
The research conducted by Varo Bank, Morning Consult and THRIVE Financial Empowerment Services surveyed 1,004 Americans who regularly spend most or all of their income.
Women represent two-thirds of those considered financially fragile, a subset of Americans living paycheck to paycheck who lack any financial slack or support.
“Women are still facing the brunt of not being as economically advantaged as men right now for a host of reasons that are generations old,” said Ayesha Whyte, the founder of Ellevator, an online platform that provides career development resources to women of color.
Whyte noted women have historically been paid less than men for the same jobs, leaving them with less surplus money to invest in the stock market or put in savings for an economic downturn.
Heightened financial fragility has eroded trust in financial institutions, with nearly three-quarters of respondents saying they believe U.S. financial institutions are “rigged against the poor.”
Women, who are more likely to identify as financially fragile, were also found to be less trusting of financial institutions than men.
“The only truly surprising thing about the financial strain we are putting on youth, women and communities of color is how resilient they are and how entrepreneurial they remain,” Nathalie Molina Niño, co-founder and chief strategy officer at the financial services platform Known, told The Hill.
The Hill’s Julia Shapero and Taylor Giorno have more here.