Women Three Times More Likely To Experience 'Overwhelming' Financial Stress: Survey

Even in the aftermath of a "mancession," it's the women who say they are struggling most mightily.

Women report experiencing nearly twice as much “high or overwhelming” financial stress as men, according to a new survey by Financial Finesse Inc. Indeed, 28 percent of women reported experiencing “high or overwhelming financial stress" during the first quarter of 2011, while only 17 percent of men reported having that same level of stress.

Women also are three times as likely to experience “overwhelming” financial stress -- the highest level listed -- at a rate of 9 percent. And of all employees surveyed, 65 percent reported experiencing some financial stress, the study added.

Women were most likely to feel a higher level of stress because of their larger sense of obligation to raising their children and safeguarding their home, said Gregory Ward, head research analyst at Financial Finesse Inc., according to Bloomberg News.

That additional obligation has adverse health effects. Financial stress causes an estimated 60 percent of illnesses, directly or indirectly, and the American Psychological Association has identified it as the leading cause of unhealthy behaviors such as overeating, smoking, and alcohol and drug addiction, according to the report.

The situation for women could get worse before it gets better. Deficit reductions that are currently being considered by Congress would hurt women’s Social Security benefits even more than men’s Social Security benefits, since women live longer and rely more on Social Security, according to a new report by the National Women’s Law Center.

Since older women already are more economically vulnerable than men, the report says, deficit cuts would leave elderly women unable to meet many basic needs.

The dim economic situation seems to have even changed the way women think about marriage. Three out of four women would not marry a jobless man, and 65 percent said they would feel uncomfortable marrying someone else if they themselves were unemployed, according to a recent ForbesWoman survey.

The burden of running a single-family household alone only adds to the pressure. In the last decade, the poverty rate for children in single-mother households in the United States was 49 percent. That's 1.88 times more than the average poverty rate for children in 15 other high-income countries, according to Legal Momentum, a legal defense and education fund.

That doesn't mean the plight of single mothers has been met with overwhelming sympathy. Nearly seven in ten say single mothers are "bad for society."

Tips to reduce stress for women

Comments

[foresure]

03:01 AM on 06/28/2011

Men who abandon their children are low live and dead beats.

Women who abandon the father of their children, and keep them from the children are victims.

Such as it was, such as it always be.

[Emma Knight]

06:33 PM on 06/28/2011

Abandoning children is not the same as abandoning a grown man, unless of course you prefer to be treated like a child.

[foresure]

09:21 PM on 06/28/2011

Emma

Apparently there is no for the "best interests of the child", so long as the male gets punished. Yes, you have made a clear statement of the prevailing attitude.

[foresure]

02:59 AM on 06/28/2011

Well, at least it's another way that women can be victims.

And here I had been led to believe there was no difference between males and females.

Victim or not, or only when it's convenient?

[h0tr0d]

04:38 PM on 06/29/2011

Entitlement and equality go hand in hand for the fairer sex.

[foresure]

05:24 PM on 06/29/2011

h0tr0d

Yes, it is part of the culture.

[kidrooms]

02:52 AM on 06/28/2011

I have had the most unbelievable 3 yrs since my separation....Bank of America and the failing economy related to my business is a big part of it..Bank of America especially...Someone needs to be on womens' sides related to their economic status, motherhood, giving up their careers early in their careers to have babies...and now that we are middle aged, well educated (I have a masters degree) I can't make over 15 bucks an hour...please someone explain how Michele Bachman can be running for president...Sarah Palin? It makes me sick!

[h0tr0d]

04:41 PM on 06/29/2011

Do women really need to be told that giving up their career has an economic impact ? Do you believe the taxpayer should pay for you financial missteps ?

[Grinling Gibbons]

04:55 PM on 06/29/2011

If having babies (which ONLY young female people are capable of doing) is a financial misstep, then someone better alert the planet that it's about to be depopulated.

Women do a great service to the world by bearing children. We honor people who go to war. We don't penalize men or women who join the national guard and lose valuable career time, or who rejoin the workforce after military careers that are inapplicable to civilian life. We only penalize women for the great sacrifice they perform by bearing children and nursing them through their earliest days and years.

It speaks to our skewed priorities that we respect warriors but treat women and mothers like criminals who deserve to die in poverty for the great crime of giving life to others.

[bvbklyn]

12:29 PM on 07/03/2011

no, I am with you on that one. but perhaps women should not have children, refuse to stay home when they have them, or give them up for adoption. if women are completely responsible for children, then the father's are not entitled to interference of any kind. if a man will not parent, then he should not be in the picture. I will guess that society and a lot of males will have trouble with this philosophy. I have several family members with this problem and they are constantly struggling with the moral issue with bad fathers who do not support their children but are continuously complaining about rights. I for one would not spend the rest of my life in court.

[MSROADKILL612]

01:19 AM on 06/28/2011

Am not here on a fan troll, but to say what i think.

Have said b4, women are INCLINED to be shopaholics on fripperies, and copped heaps for my sexist impertinence.

example:

I loved being "mom". Take the kids out on an adventure. Me - a small backpack w/ some basics, & the younger on my shoulders & suitable rests.

she:

Pram - had to be new ($~500) despite god knows how many out there being tossed, same w/ all else (playpens, cots, toys, books, car seats - despite their v brief use by dates)- had to be new. Neurotic. Better put toward the college fund - no?

Its more about ego than the kids welfare..

Her range was a slow, boring fraction of mine on an outing & mine were way more stimulating. Any Human contact, the one at head level is privy to.

a spit of rain, down comes a suffocating plastic sheet w/ a few brain damaging pin hole ventilators.

Anything remotely stimulating is missed as they are blinkered and pointed to the ceiling..

Stairs I negotiate in a jif, become a 5 minute nightmare requiring help.

Baby paraphernalia is a good business. no one buys 2nd hand.

3rd world mums wouldnt dream of something so idiotic as a perambulator, nor is weight a problem.

Its about lifting right. Use legs - not back. Get the kid 2 stand on a low wall etc so its an easy lift & same in reverse.

Body contact makes the

[LouiseM]

03:32 PM on 06/28/2011

Too bad there's no "Flag as incoherent" button.

[MSROADKILL612]

08:47 PM on 06/28/2011

Equally, an "incapable of absorbing coherency" button?

admit i got chopped at the end - word limit thing

not one issue, of many raised, did you address. Just say something nasty, way simpler (dont have to learn/read anything) and bound to work. Good luck finding happiness dudette - u will need it.

[MSROADKILL612]

08:50 PM on 06/28/2011

If u wish to debate or refute me - fine & civilised for both - thats why its called a a forum - not a a slagging site

[wzjussayin]

09:55 PM on 06/27/2011

I find the itsy bitsy handbag pattern on the dress of the model in the photograph illustrating the story ironic.

[planetjeffy]

04:35 AM on 06/27/2011

Women Three Times More Likely To Experience 'Overwhelming' Financial Stress

Men Ten Times More Likely To BeAssholes

[olderthan]

10:41 AM on 06/27/2011

Correct.

[LouiseM]

11:51 PM on 06/26/2011

I'm honestly surprised atthe vast amount of resentment towards females that is being displayed in this thread. The article states a very real and painful fact of life. Instead of learning form it, it seems that a large proportion of the male commenters immediately reject it for a number of reasons, all of which do not negate the facts stated in the article.

It seems that our society has done a great job of making all categories of people resent each other. Empathy, compassion and understanding seem to be values that we can't afford anymore. Men resent women. Economic classes resent each other. Political parties are encouraged to hate and belittle each other. The different generations see each other as depriving each other. Various faiths are told to fear and despise each other.

I suppose that anyone who actually bemoans this is also liable for a kick in the pants, or a punch in the mouth, for being a sap who thinks that unity and compassion are a necessary part of a civil society. It is as if the most unpleasant, harsh and disagreeable thoughts are the ones most permissible to give public utterance. Well, people who dwell on thinking this way will find that their entire world confirms their views.

If the attitudes expressed here are really those of the majority of American males, they are a sorry lot of human beings whose nation is rotting from within..

[edtastic]

12:53 PM on 06/27/2011

Men don't resent women, they resent women who hate men, ignore male suffering, only see empathize with the problems of women, and assume any man who supports men is an automatic misogynist like your doing in your comment. Feminism has encouraged women to hate men and engendered the resentment of those being hated on.

We can't afford to have women resent men. That is the source of all this tension in the first place. Men love women and have bent over backwards to accommodate transitioning gender roles. In return men are still met with the hatred and vitriol of angry feminist who can always find another excuse to blame men for something. Meanwhile men suffer the indignities of being called sexist, misogynist, would be rapist and wife beater if they so much as question feminist man hating.

If you want unity then talk about our shared problems or spend equal time focusing on the concerns of men which are many.

[h0tr0d]

01:21 PM on 06/27/2011

Well said.

[livefortruth]

02:10 PM on 06/27/2011

Why did Feminism come about?

[andrc657]

10:46 PM on 06/26/2011

TAX CUTS FOR THE RICH will solve all problems according to republicans.

[NevaforLeadership]

02:11 PM on 06/26/2011

"Since older women already are more economically vulnerable than men, the report says, deficit cuts would leave elderly women unable to meet many basic needs."
..............................................................................................................................................

Deficit cuts are a must, if we are to enjoy sound economies in the future.

These can easily be done without throwing struggling, older women to the streets.

In the short term: tax exemptions for all low-income retirees who have worked in the country for a threshold number of years; no legislated retirement, tax breaks for companies who hire older people, health programs (nutrition and exercise) with tax incentives.

In the long term: introduction of financial management in schools, portion of taxes (versus contributions to public pension funds) to go into expenditures on behalf of retirees, equalizing public and private compensation and benefit levels, real tax incentives for savings (not just tax deferrals), etc.

There are so many ideas. We just need innovative politicians whose interest in the country comes before their own self interest.

[LouiseM]

11:55 PM on 06/26/2011

And for women who haven't worked? Or people who are ill and cannot work when older?

Society cannot be fixed with tax cuts and incentives. To willfully ignore that fact is cruelty, whether you wish to recognize it or not. You must have had a mother, since all humans do. If her situation in her senior years could be ameliorated simply by the tax programs you describe, your family has been extremely financially fortunate indeed. It is when you realize that millions and millions of people do not share your good fortune - and through no fault or control of their own - you may see how shallow and ineffective your suggestions really are.

[NevaforLeadership]

06:06 AM on 06/27/2011

I just listed some ideas.

I am all too familiar with the plight of women. Tax programs certainly won't ameliorate situations that some older women find themselves in today; they would certainly help.

Women must learn not to rely on government, corporations or even their own families for their financial security. It is simply too risky to do so.

That means taking control, planning and learning how to manage finances, including saving, saving, and saving some more. It means doing what has to be done to get the education to excel in a career that wraps around one's passions.

For women who work in the home, it means being involved in the family financial matters to make sure they are looked after throughout their lives.

I understand that there are millions of women -- and men -- who have not done that. That is my point. We need to change.

I have written extensively on this site about the negative aspects of minimum wages to individuals and communities, etc.

My suggestions may sound tough, but women are in need of a wakeup call. In the end that tough road is what will free a woman financially, and there is certainly nothing shallow or ineffective about that.

As for those with disabilities, etc., that's a different topic of conversation.

By the way, I am an older, single woman whose government entitlements will be enough to see me on the streets.

[foresure]

03:06 AM on 06/28/2011

LouiseM

Yours are some of the most thoughtful comment on this matter. And that's coming from a male!.

[big tom]

12:27 PM on 06/26/2011

i have room at my place for a couple of good looking women...they dont even need to know how to cook.. need to learn to drive boat , any one want to apply for vacant rooms ?

[FeralForever]

11:43 AM on 06/26/2011

A great number of women aren't willing to play domestic roulette anymore because America just isn't as family-friendly as it could be.

It is estimated to cost nearly $250K to raise a child to age 18 in the U.S., and that does NOT include college tuition. Women are currently foregoing marriage and kids in record numbers, not only because of the expense, but also because of the majority of domestic burdens placed squarely on their shoulders (including care-taking of elderly parents). This is statistically true whether or not she works outside the home, as well.

Too many women have seen their sisters, mothers, aunts, co-workers, etc., struggle and sacrifice so much to raise their children, not only within marriages, but also as single parents. One can never truly know what a marriage will look like 5, 10, or even 30 years down the road. It's often a guessing game that may not include the fairy tale components we've all been taught await us after the magical vows are taken.

Can we tell if we've married someone who will cheat, develop addictions, abuse, control, and/or beat us if he doesn't get his way, or simply leave us widowed? Top off those possible scenarios with pay inequity, childcare expense, and being stressed with the bulk of familial duties and one can plainly see why so many women are not only burnt out, but also choosing to opt out before it even happens.

[NevaforLeadership]

02:20 PM on 06/26/2011

Bottom line, women have to learn not to rely on governments, corporations or even families for their well-being and security. Just too risky. They have to take it into their own hands. Tough but true and greatly liberating. That means learning how to do it.

Accomplishing that goal would involve massive government action and front-end spending in education: finance and economics, a priority in at least secondary education; a paradigm shift in education with a reintroduction to discipline and expectations in school.

That public investment would bring thousand times return on investment.

[FeralForever]

03:29 PM on 06/26/2011

I wholeheartedly agree with you, NeverF-Ldrshp...but we are now experiencing a nationwide assault on teachers, such as I've never before seen in my life. There have been several educators in my family who have left the field because of low pay and having to deal with the stress of abusive students who were nothing but clones of Bart Simpson.

I don't know if it was simply because they worked in NY schools but I can say that we suffer as a country when our future taxpayers are not given the proper foundation. Under-funding our schools, while spending $2B a week in Afghanistan tells me where our priorities are. Also, I can't truly blame parents for the lack of respect kids show adults these days, as they are immersed in a sea of shallow media images and marketing propaganda, as well as addictive, instant communication which has been unprecedented until now. I actually had an elderly uncle who remembered growing up with just a radio in his household. He was taught that reading books was important. Wow, Imagine that!

[Emma Knight]

07:53 PM on 06/26/2011

I have a better idea women should stop having children all together. After all it is a no pay financially draining job that provides no real benefit. Lets see what happens to our future as a society when women opt out of this exhausting, thankless burden.

[edtastic]

06:35 PM on 06/26/2011

Opting out is a evolutionary failure. Basically you have become so self absorbed and perfectionist that you cease to be genetically relevant. A sterile species doesn't last but a generation. The poor women on government assistance with 6 kids is going to replace you along with the one that stays at home while her husband works.

[Grinling Gibbons]

11:13 PM on 06/26/2011

Excuse me, but aren't YOU an "evolutionary failure"? Dear Lord, what nonsense you post.

[FeralForever]

02:20 AM on 06/27/2011

ed, for crying out loud..Can't you check your grammar, spelling and overall vision of pertinent reality? Sometimes I don't even have the heart to insult you because I don't want to feel guilty that I was going for an easy attack on a feeb. C'mon, guy...you can do better..and I am being serious, ed...

[Cowboylove]

11:06 AM on 06/26/2011

I may get creamed for saying this, but women in general have difficulty living with in a budget, passing a shoe store sale or managing their money well. Not all women, but most women. Naturally, if you are not financially responsible, you will have more financial stress.

There are also men with this problem, but it seems more common among women to not embrace the concept of finite resources and deal with it responsibly. I, of course, am speaking from personal experiences with a wife and daughter. My experience may not be typical.

[NevaforLeadership]

02:25 PM on 06/26/2011

You are speaking about women who are privileged enough to contemplate shoe sales. Some women have difficulty buying shoes at all.

It is, however, amazing how many women still rely on men for their financial well-being, leaving themselves extremely vulnerable and without taking responsibility themselves, whether they are married or single.

[LouiseM]

11:36 PM on 06/26/2011

To which "women" are you referring? Your wife and daughter? Perhaps you should ask them where they got this concept. It is certainly not typical of all, or most, women.

I think you evn recognize that generalizing from those *two* people is ridiculous. Perhaps you are just trolling for the sake of lulz. Perhaps you honestly do not understand that your slight anecdotal evidence has no statistical validity.

Either way, your comment does not advance the discussion.

[Geoff Abram]

02:50 AM on 06/26/2011

From my own personal experience, I'd say this is due to upkeep costs. Obviously this doesn't apply to everybody, but our preconcieved notions of difference in gender causes this stigma that guys to just care less about things like personal hygiene, or a well-kept household, at least under economic hardship. The stigma is all around us on TV and in the movies, and it's stupid and should be that way. But to me it seems reality has come closer to this under economic hardship.

I'm not saying it's right that it is this way; I realize this isn't very PC, and maybe I'm projecting my own experience on reality as a whole, but guys just seem to me to be more willing to have just 7 pairs of pants, underwear, and shirts in their closet, when push comes to shove. Many more men I know than women are willing to eat cheap take-out, pizza, and fastfood regularly. It's gross, but it's the truth.

[MSROADKILL612]

02:17 AM on 06/26/2011

Being honest, I used to really like women - at 60 - what has happened? - am totally unsold.

[NevaforLeadership]

02:26 PM on 06/26/2011

I suspect something has happened to you.

[Kai-HK]

01:20 AM on 06/26/2011

Ms. Kavoussi

I guess if women want to be taken seriously in the workplace and treated equally, they should suck it up and stop complaining.

But again, we have another article extolling special consideration for women. It is duplicitous and contradicting articles like this that undermine recent progress by women in the business world.

Next you will be quoting Blanche (Streetcar Named Desire), ‘I have always depended on the kindness of strangers’, as a rationale for strangers to carve out special economic consideration for women

Kai

[pjwrites]

04:21 AM on 06/26/2011

Special economic consideration completely unnecessary. Equal economic consideration and equal pay completely necessary.

[Cowboylove]

11:08 AM on 06/26/2011

Which is now the federal law. This does not mean that doctors and waitresses should make the same salary however.

[catrancher]

11:14 AM on 06/26/2011

Have to fan you for stating the obvious. Thank you.

[bvbklyn]

12:59 PM on 07/03/2011

being a single parent is not easy.