Carrie Schwab-Pomerantz, a senior vice president at Charles Schwab and daughter of the firm’s founder, on the findings of a new survey - the gender gap in financial security starts young.
Young women are more likely to scrimp and hustle than young men, but their financial future is less secure.
Women report spending less per week than men on discretionary items — $98 versus $152 — and nearly three-quarters of young women said they held off on buying something so they could save more, compared to 56% of men, according to a survey of 2,000 people between the ages of 16 and 25 released Thursday by bank and brokerage firm Charles Schwab.
At the same time, women are also more likely to take on another job to make more money. But despite their diligence, young women have less money saved, about $1,267 on average compared to $2,000 put away by young men. Young women were also less likely to invest, the survey found, with about 6% reporting an investment account, compared to 11% of young men.
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