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40% of Women Have Less Than $100 in Their Savings Accounts, New Survey Finds
Katie Harp / Unsplash
Katie Harp / Unsplash

An alarming number of women have little to no money in their bank accounts, a recent GOBankingRates survey found. Forty percent of women have $100 or less in their savings account versus just 26% of men. In addition, women are more likely to report having less in their checking accounts, with 40% saying they let their minimum checking account balance reach $100 or less; meanwhile, only 28% of men report having such a low minimum balance. In today’s “Financially Savvy Female” column, we’re chatting with Jane Voorhees, CFP, director of financial planning at ALINE Wealth, about why women have less money in their bank accounts than men, how much women should ideally have in their bank accounts and the steps they can take to get there.

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Why do women tend to have less in their bank accounts than men?


On average, women earn less than men. So, for them to save an equal amount, they need to save a greater percentage of their paycheck than men. Their living expenses are generally no different than their male counterparts, so they don’t have as much available to save after paying the bills. On top of that, women often leave the workplace or work part-time due to child-rearing or elder care. Full-time daycare can be very expensive, and it can seem like it’s not “worth it” to go to work and pay for childcare. You can’t save money if you don’t make money!


Although things are changing, traditionally women were less likely to involve themselves proactively in finance and investments. Finance has always been a male-dominated arena so it can feel intimidating to have the money conversations. Moreover, men still tend to be the financial money managers in the household.

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How much should women aim to have in their savings and checking accounts?


Ideally, everyone should aim to have an emergency fund to keep in a high-yield savings account separate from their day-to-day checking account that would allow them to pay three to six months of living expenses. You never know what might be down the road, as we all know too well having lived through the last two years! Knowing you have enough to pay your bills if your income is reduced or gone can be a huge stress-reliever in uncertain times.


Your checking account should have enough to cover your monthly bills with enough buffer so you don’t accidentally incur any overdraft fees.

Read: 4 Money Moves Every Woman Should Make in Her 20s

What steps can women take to ensure they have enough money in their bank accounts?


1. Track your spending and look for ways to cut back. The first thing to do is to look at your spending and make a list of the bills you absolutely have to pay every month: rent, mortgage, utilities, car, insurance, phone, etc. Then make a list of everything else you have been spending money on. Look to see where you can cut down or eliminate spending.