Financial Outlook: Millennial Men vs Women
Millennial women (aged 23 to 36) in the US are lagging behind their male counterparts when it comes to income, home ownership and financial satisfaction, despite being more financially responsible – according to a survey from US online loans company LendingTree. Highlights include:
- Financially Savvy Females: Around a quarter (23%) of millennial women said their main focus was to grow their savings account over the next 12 to 24 months. Men, however, believe it's more important to increase their income, with 28% citing this as their top priority. Millennial women also have higher credit scores than men, with 36% having a score of 700 or higher, versus only 30% of men.
- Confidence Comparison: Millennial men are more confident in their ability to repay debt than women – perhaps because they have less of it. When looking at student debt, in particular, the average for millennial women is $14,758, which is nearly double the average of $8,500 for men. Women are more frustrated by their outstanding debts than men: 21% expressed this concern, compared to 17% of men.
- Men Have More: There is significant income disparity between males and females. Some 57% of millennial men earn $50,000 or more annually, compared to only 42% of their female counterparts. Men in the millennial generation are also more likely to be homeowners, with 56% owning a home versus 44% of women.