Deep Gender Gap in Financial Health.

Women in the U.S. continue to fare worse financially than men, maintains a study by the Financial Health Network in partnership with the Principal Foundation, which explores the systemic challenges to women's financial health and reveals an interconnected set of issues that constrains financial security.

Women report worse outcomes than men on every measure of financial health: spending, savings, borrowing, and planning. They are more likely to report that their financial situations worsened during the pandemic than men, while significant disparities exist along racial and ethnic backgrounds, with 11% of black women and seven percent of Latina women being considered financially healthy, compared to 25% of white women.

Females who are married or living with a partner (24%) are more likely to be financially healthy than those who are not in those relationships (13%).

While income alone is not a sole determinant of financial health, the report found women overall report tower income than men due to unequal pay, occupational segregation, discrimination, and disproportionate caregiving responsibilities.

"From shouldering childcare responsibilities to a persistent wage gap, women have long faced barriers to financial health, and the pandemic only worsened this situation," says Meghan Greene, senior director at the Financial Health Network. "Families, communities, and the economy benefit when women make financial health gains, and tangible action can be taken now by employers and policymakers to close the gap through building up our care infrastructure with paid leave and expanded childcare options, bridging the wage gap, counteracting gender discrimination, and expanding opportunities to build wealth."

The report identifies four systemic barriers to the financial health of women that, if addressed, could make a significant difference in their financial lives:

Income disparities and challenges meeting basic needs. Women are more likely to have low household incomes (defined here as $30,000 or less) than men, and only four percent of females with low household incomes are considered financially healthy, compared to...