According to a Consumer Federation of America (CFA) analysis of the most recent data collected by the Federal Reserve Board’s authoritative Survey of Consumer Finances, women have been facing greater financial challenges than other Americans. The data mainly reflects single women who head households themselves. The following statistics represent data pulled from the survey:
● Only 33% of women say they save regularly.
● The median household income of single women is $22,592 while that of all households is $43,130.
● The wealth-gap is even greater than the income-gap. Single women have a median net worth of $32,850 compared to $93,001 for all households.
● Only 47% of never married, divorced, or separated women had a savings account or money market deposit account, and those who did typically held only $1,100 in these accounts.
● Only 50% of divorced or separated women had a savings account or MMDA, and those who did typically held only $1,600 in these accounts.
Survey results were provided by CFA/America Saves. For more information, please visit www.americasaves.org. Visit 360 Degrees of Financial Literacy for Women for more resources to assist women in managing their finances.
Source: 360 Degrees Of Financial Literacy