From a bank account to a 401(k)S, the average American man saves almost $200,000. Almost twice as much as the average woman According to new research.
Exclusive research conducted for Newsweek Talker Research explored respondents’ finances by examining respondents’ debts and savings.
A survey conducted between January 15th and January 20th, 2025 sampled 1,000 Americans, indicating that the average person’s savings across accounts was $145,778.30.
If it’s broken by gender, there’s a tough difference between the amount the average man and woman saved ($195,136.20 vs. $105,498.50).
The average man holds almost twice the savings of the average woman
Donna Stefans, founder and lead lawyer of Stefans Law Group PC, spoke about some of the factors that could contribute to this difference.
“Men earn more on average than women,” she said. “The gender pay gap is very realistic. Women make 84 cents in dollars made by men, meaning women are less than men at 90% or more of their jobs at almost every profession.
“Women are often victims because of wage disparities, because men make more money. It’s a vicious cycle.”
She also observed differences in social norms regarding the ease and opportunity for women to contribute to conversations about money.
“Men are constantly discussing this topic as part of their business and are not threatened by the conversation,” she said.
“Women tend not to invest money because they have less confidence in investment and financial education, if not true, and instead of sitting in the bank, they can’t stay in the investment market, which grows for the future, saves banks, and maintains cash.”
In addition to pay and knowledge inequities, she commented on how traditional gender roles affect women’s ability to relieve.
The gap in confidence in investing helps women not to grow their money
“It’s likely that women are carers too, and this takes time from paid work,” she said. “They may become full-time caregivers for their children and older parents, or cut back on part-time to balance work and family.”
According to Stefans, these set-offs will affect long-term financial preparations and will move forward all the way to retirement.
“We’ll save less now and in the future. This makes it very difficult for women to have time and revenue to save money during their retirement years,” Stephens said.
As a result, she encourages women to strive towards financial freedom by focusing on “powering themselves to empower their money.”
Research method:
The Talker survey looked at 1,000 Americans in general population. The investigation was commissioned by Newsweek Managed and implemented online by Talker Research January 15th and January 20th, 2025.
