Who’s better at saving money: men or women? The answer isn’t just about who’s more disciplined with a budget.
Research shows men tend to have more money set aside, but it’s not necessarily because they’re better savers. Here’s what the data reveals — and why the real issue may not be about spending and savings habits at all.
Earlier this year, Yahoo Finance partnered with Marist Poll to survey more than 3,000 adults with at least one checking or savings account and shed light on the financial struggles and concerns impacting Americans. According to the survey, women were “very dissatisfied” or “completely dissatisfied” with their savings at a much higher rate than men (40% vs. 28%, respectively).
Additionally, women were more likely to say they saved less money in 2024 than they did in 2023 (53% versus 42% of men), especially millennial and Gen X women (57% and 59%, respectively).
The data shows that women are, in fact, behind men when it comes to saving. According to New York Life’s Wealth Watch 2023 Outlook, women saved an average of $3,146 in 2022, while men saved more than double at $7,007.
On the surface, it may appear that men are “better” at saving money than women. However, there is a lot more to these numbers than meets the eye.
“The gap is not surprising,” said Jenna Biancavilla, Founder of Svvy® and owner of Pearl Capital Management. “It reflects a combination of cultural norms, systemic realities, and personal choices that women are often forced to make.”
Generally, men don’t save more because they’re inherently better savers — often, it’s because they have greater access to money and face fewer financial obstacles. Here’s a closer look at the factors that contribute to this savings disparity.
As of 2024, women earn 85% of what men earn, on average, according to a Pew Research Center analysis of median hourly earnings of both full- and part-time workers. The gap is even wider for women of color.
The study noted that, “Even though women have increased their presence in higher-paying jobs traditionally dominated by men, such as professional and managerial positions, women as a whole continue to be overrepresented in lower-paying occupations relative to their share of the workforce.”
Lower wages can make it more challenging for women to cover everyday expenses and pay down debt, let alone save for the future.
In 2020, 53 million Americans — more than 20% of the population — acted as caregivers to an adult or child with disabilities, according to The Commonwealth Fund. More than 60% of these caregivers were women.
This highlights the cultural expectation for women to take a break from their careers or leave the workforce entirely when the household has children or elderly family members who need care.
Even if women don’t leave the workforce altogether, taking time away can mean missing out on promotions, raises, and other opportunities for advancement. Some evidence suggests that even if caregivers opt for a remote role, it can still negatively impact their earning potential.
“Women are more likely to take time away from work or seek flexible, lower-paying jobs to care for children or aging parents,” Biancavilla said. “These choices are often made out of love, but they reduce lifetime earnings and retirement contributions.”
In fact, a 2021 analysis by the Urban Institute projected that for mothers born between 1981 and 1985, the employment-related costs of providing unpaid care to children and adult family members amounted to $295,000 in inflation-adjusted dollars over a lifetime. Lost earnings account for 80% of that estimate, with the remaining 20% resulting from lost retirement income through Social Security and employment-based retirement plans.
Financial literacy is an essential component to having a healthy relationship with your finances and being able to make a plan for hitting your financial goals. That starts with having open and honest conversations with financial professionals, and having the confidence to ask questions.
“Women are still underrepresented in financial conversations and spaces,” Biancavilla said. “A lot of women we work with have been talked over, pressured, or sold to by financial advisors. When the industry feels unwelcoming or transactional, women are less likely to stay engaged.”
She added that there’s a common belief that women should be caregivers and budgeters instead of wealth builders. “Many women never feel like they have the confidence to prioritize their own financial future.”
Read more: 5 barriers women face to saving money and how to overcome them
If you feel like you’re behind when it comes to saving, it’s never too late to get back on track.
Start by creating a budget that can give you a clear idea of where your money is going and where you can afford to cut costs so that you can allocate more money toward your savings account. Be sure to prioritize a separate emergency savings fund that ensures any unexpected expenses don’t force you to take on debt and fall behind.
Also, it’s important to invest your money early and regularly. Studies show that while women tend to invest more conservatively than men, when they do invest, they often outperform men.
When it comes to investing for retirement, make sure you’re contributing enough to take full advantage of employer matches, if available. Failing to do so essentially leaves free money on the table. Then make it a goal to increase your retirement contribution rates every year, even by 1%, to enhance the impact of compound returns without drastically affecting your take-home pay.
Finally, it’s important to note that the onus shouldn’t solely fall on women to bridge the gender savings gap. Employers, lawmakers, corporations, and financial professionals can all play a role in leveling the playing field through paid family leave, flexible work policies, and more inclusive and accessible financial services.
“At the end of the day, women don’t need ‘special’ advice — we need conflict-free, respectful, and accessible financial guidance,” Biancavilla said. “We’ve seen what happens when women are equipped with the right tools, the right team, and the confidence to grow wealth. The gap narrows, and the impact multiplies.”
Read more: Financial wellness: The major role employers play