Shocking Stats About Women & Money: The Good, the Bad, and the Opportunity

Today’s article on how to talk about money comes to us from Lauren Reed of Nashville, TN. Lauren is a founding partner at REED Public Relations and co-founder of Wealth of a Woman.

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When it comes to women and money, the data is loud and, at times, startling. It tells the story of how women have been left behind and how we continue to face structural hurdles. But it also reveals something powerful: women are rising. We’re asking harder questions, building stronger networks, and reshaping the financial narrative altogether. What once held us back is now fuel for innovation, equity, and lasting change.

Here’s a look at the good, the bad, and the opportunities ahead, along with what we can do to move the needle even further.

The Good: Breaking Records and Gaining Power

For most of American history, women couldn’t open a credit card without a man’s signature. That didn’t change until the Equal Credit Opportunity Act of 1974, a reminder of how recent this progress is.

Fast-forward to today. Women make up nearly 48 percent of the U.S. workforce, and millennial and Gen Z women are closing the wage gap faster than any generation before.

One of the most exciting frontiers is women’s sports.

Once sidelined and underfunded, women’s sports are now proving their worth and then some! The 2024 NCAA women’s basketball championship averaged 18.7 million viewers, surpassing the men’s. Forbes predicts that by 2027, women’s sports will be a one-billion-dollar industry, fueled by media rights, sponsorships, and merchandise sales.

Women are not just participating in the economy; we’re redefining leadership, influence, and impact.

The Bad: The Cost of Being a Woman is Real (and Unfair)

Even with rising earning power, women still face an unequal financial reality.

“We make less and are forced to spend more,” says Teresa J.W. Bailey, co-founder of Wealth of a Woman and a positive psychology practitioner in the wealth management industry. “And until we name the systems working against us, we can’t dismantle them.”

According to a 2024 Pew Research Center analysis, women earned just 85 percent of what men earned across both full- and part-time work. That gap widens further when accounting for race, caregiving responsibilities, and career interruptions.

At the same time, women bear a higher cost of living in persistent, often invisible ways. The “pink tax” refers to the systematic markup on products and services marketed to women. According to a 2024 Kiplinger article, examples of the pink tax include:

• Higher dry-cleaning or tailoring costs for women’s clothing
• Increased prices and often smaller sizes for items like women’s razors, shampoo, and deodorant compared to similar men’s products
• Higher prices on toys or sports gear marketed to girls, such as pink bikes and helmets, even when identical to lower-priced blue or red versions

Feminine care products are still not covered by many health plans and are taxed in several states, adding cost to a basic necessity.

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Then there’s the impact of aesthetics-related expectations. A survey by Advanced Dermatology found that women spend an average of $877 per year on aesthetics-related expenses. Other surveys suggest that the number can reach up to $3,756 annually. Over a lifetime, that totals anywhere from $225,000 to $300,000.

These statistics aren’t meant to discourage us. They’re here to empower us with clarity and momentum. When we understand the financial systems stacked against us, we can advocate more boldly, invest more wisely, and begin reshaping the structures that have gone unquestioned for too long.

The Opportunity: Reclaiming Our Financial Power

Here’s the real opportunity. While the data may reflect gaps in pay, investment, and wealth, they also point to where we can grow.

Research shows women are significantly less likely to negotiate salaries or ask for raises, despite being just as qualified. Only 36 percent of women feel confident about investing, and fewer than half consider themselves investors (Ellevest, 2022 Women’s Financial Health Index).

But that’s changing quickly.

The more we talk openly about money, the more confident we become. The more we invest in ourselves and our futures, the more we begin to build generational wealth. According to Ellevest, simply choosing to invest rather than letting cash sit in savings can add up to hundreds of thousands of dollars over a lifetime. That kind of shift changes everything.

The so-called “ugly truths” are really invitations. We are being called to step into our full value, learn the rules of money, and rewrite them when they no longer serve us.

Where We’re Headed: More Power, More Purpose

Women are a growing financial force, and the world is beginning to take notice. With access to education, community, and tools that empower us, we’re showing up in spaces that once excluded us. And we’re not just showing up, we’re leading.

Once we understand the systems and stories that have shaped our financial lives, we can start writing new ones. That means:

• Having real, honest conversations about money with friends, mentors, and partners
• Asking for more: more pay, more benefits, more equity
• Learning to invest, even if it feels intimidating at first
• Spending in alignment with our values, not societal expectations

What comes next for women and money isn’t up to chance. It’s up to us.

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