According to a report by Financial Health Network, men are 50% more likely to be financially healthy than their women counterparts. Women trail behind men on all measures, including spending, savings, borrowing, and planning.

Why should we care?
Forty-five percent of mothers responding to FHN’s survey reported struggling to afford key household items like diapers and menstrual products—and, with prices on the rise, these struggles along gendered lines will only get worse. What’s more, women of color experienced the greatest financial hardship, with only 11% of Black women and 7% of Latina women meeting the criteria to qualify as “financially healthy.” Though systemic barriers continue to exist—ones the Covid-19 pandemic only made worse—there are specific steps employers can take today to improve conditions for their women employees. “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,” said Financial Health Network Senior Director Meghan Greene. The fintech sector can lead by example, creating financial health for its own employees while also addressing the financial needs of the public writ large.