Financial stress higher for women; expert attributes increase to gender pay gap

Concern about everyday expenses can harm mental health

InvestigateTV - Many people admit to feeling stress over having enough money, but women are affected more than men.

In a recent Bankrate survey, 46 % of women say money negatively impacts their mental health as compared to just 38 % of men.

Bankrate.com analyst Sarah Foster pointed to the gender pay gap as one reason women are more stressed.

”I think we can’t underestimate what role that plays in causing financial stress just because women are used to making significantly less than men,” Foster said. “That makes every kind of financial step harder, whether it’s preparing for retirement or even just budgeting”

Younger workers are changing this by leading the charge on a taboo topic, pay transparency, or openly talking about how much you make, she said.

Talking to fellow coworkers is invaluable, said Foster, because it’s the only way you will know if you are being underpaid.

Foster added that sometimes just recognizing what’s causing you lack of sleep, anxiety and depression can help you lower the stress. Talking about it with friends or family or seeking help is also a positive move.

Rachel DePompa

Rachel DePompa

Rachel DePompa is NBC12's On Your Side Investigator. Before joining WWBT in March of 2008 Rachel worked in Roanoke, Bristol and Harrisonburg.