Finances a Top Source of Stress for Most Women

With nearly two-thirds of women (65%) ranking personal finances as a top source of stress and anxiety in their lives, fewer than one in five women surveyed in the eighth annual Laurel Road study reported seeking professional financial counsel through an adviser.

Instead, according to the survey about exploring financial security and money management trends conducted by the KeyBank N.A. brand, women lean on personal relationships and read social media tips.

In fact, 44% of women are looking to their personal networks to discuss finances, with Generation Z (50%) and Millennial (47%) respondents in particular leaning on people close to them.

When it comes to reaching their financial goals, women continue to say they are most behind on retirement savings (36%), followed by credit card debt repayment (30%) and salary (22%). Millennials, uniquely, also feel behind on homeownership (31%).

Leaning on Friends and Family

Friends and family are the top source relied on by women for learning about financial trends (44%). Two-thirds of women say they discuss financial advice they have received with their significant other, while 76% of Gen Z women and 58% of Millennial women look to their parents as a trusted source for financial guidance.

Social media is a growing influence, with 30% of women using it to explore financial trends, rising to 48% among Gen Z. In contrast, 24% rely on traditional media.

Millennials are the top users of budgeting and investing apps (23%), though adoption is low across generations. Despite high usage, only 11% of women trust social media influencers for financial advice.

The survey found widespread apprehension about the current economic environment, with 78% of women agreeing that the economy makes them uneasy about staying on track with their financial goals, an increase over the 75% who felt this way last year.

“We’re happy to see more women feeling empowered to talk about their finances, with our study showing nearly half of women turning to their friends and family to learn more about financial trends and best practices. This comfortability and willingness to discuss topics that have been traditionally considered taboo—especially for women—is crucial when navigating financial success,” said Alyssa Schaefer, general manager and chief experience officer at Laurel Road, in a statement. “While this is a great first step, with continued uncertainty and financial anxiety on the rise, it’s important for women to also extend these conversations beyond inner circles and speak to a professional.” 

The survey was conducted online within the U.S. from February 13 through February 18 among 4,326 adults, including 2,301 women, by HarrisX.