When it comes to saving money, the numbers suggest men are ahead — but the story isn’t that simple.
According to recent surveys, men saved more than double what women did in 2022 — $7,007 versus $3,146, per New York Life’s Wealth Watch. And yet, this gap isn’t a reflection of willpower or budgeting skills. Instead, it highlights deep-rooted financial inequalities and societal expectations.
For starters, the gender pay gap continues to play a major role. As of 2024, women earn just 85 cents for every dollar men make, with the gap even wider for women of color. That’s a massive obstacle when it comes to building savings, especially with rising costs of living and persistent student debt.
Then there’s the issue of caregiving. More than 60% of America’s unpaid caregivers are women, many of whom pause or leave careers to care for children or aging relatives. This career interruption costs women nearly $300,000 in lifetime earnings, according to the Urban Institute, drastically cutting into their ability to save or contribute to retirement.
Even when women stay in the workforce, they often face an unwelcoming financial services industry. “Many women have been talked over or dismissed by financial professionals,” said Jenna Biancavilla of Svvy®. “That discourages long-term engagement and wealth-building.”
The good news? Women tend to outperform men when they do invest. The key is access, education, and confidence — plus support from employers and policymakers through better pay, family leave, and flexible work.
Financial equality isn’t about who’s better at saving — it’s about making sure everyone has a fair shot at financial security. With the right tools and respect, women aren’t just good savers. They’re wealth builders.
