Deficiencies in Women’s Financial Diets

If money was food, what would be on your plate? Just like a healthy diet, we can visualize a wholesome financial budget. 

  1. Protein & Vegetables or Essentials (50%): Mortgage, utilities, insurances, and taxes.
  2. Carbs or Discretionary Expenses (30%): Money you can spend or save for holidays, vacations, or monthly subscriptions. 
  3. Dessert or Sinking Funds (20%): Retirement, college funds, or emergency savings.


However, many women may experience deficits in their financial diet. We face different struggles than men, and our portion sizes therefore shrink. What is causing a shortage in our economic diets? 


  1. Gender Pay Gap: Women making less money than men impact us today and tomorrow. Smaller salaries increase our costs of living and lessen what we can save. 
  2. Student Loan Debt: According to Education Data Initiative, 58% of all student debt belongs to women. It also takes them 2 years longer to pay off their student debt despite making higher payments. 
  3. Social Security: Women are more likely to live longer, exhaust all other forms of income, and the average payout of a woman in 2019 was almost 29% less than a man, as stated on this fact sheet from the SSA. 


As a result of the barriers listed, what was once a healthy essential portion of 50% may increase, leaving less money for other expenditures. 

So, what can women do? We can negotiate our salary more, understand we need to plan for the future differently, take proactive steps for our future, and work with a financial planner who understands your needs, dreams, and goals.

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