This is a guest post from my friend, Suzanne Cramer, Certified Personal Finance Counselor® for CareOne Services, Inc. and a Social Media Specialist. You can follow Suzanne on Twitter where she shares the latest debt industry news, and tips to keep your finances in check @CareOneWorks. Follow Suzanne on Twitter or connect with Suzanne on Google+
As a woman I speak first hand when I say that times are tough! Over the past two years I have gone through a divorce, the diagnosis of Type 1 Diabetes in my son, and major surgery leaving me with some hefty medical bills. As a working, single mom staying out of debt is a challenge especially when we are still not on an equal playing field with the guys.
According to the Bureau of Labor Statistics, full-time working women earned 81 percent of what full-time working men earned in 2010 leaving a “gap” of 19 percent between the sexes.
Why?
There are numerous factors that affect pay.
- Men and women tend to gravitate toward different industries.
- Women tend to seek jobs with regular hours, more comfortable conditions, little travel, and greater personal fulfillment.
- Women are willing to trade higher pay for jobs with other characteristics that they find attractive.
- Men often take jobs with less desirable conditions to achieve higher pay.
- Women who have or plan to have children are often willing to trade higher pay for a more kid-friendly position.
- In today’s world women are no longer “just staying home” to raise their children; we are actually working two full-time jobs out of necessity for our family; working outside the home and raising our kids.
Statistically lower wages and more family responsibility make it more difficult for women to get out of debt..
Debt Statistics
Since my friend Jana lives in the fantastic state of Delaware (Go Blue Hens! Jana’s note: I am a proud Blue Hen. Twice. For my Bachelor’s and my Master’s. And now I live here. It’s a little weird.) I am going to share some debt statics for those living in Delaware.
- Many women are struggling financially and looking for debt relief. According to internal data, from the providers of CareOne Debt Relief Services® women make up the majority of debt-relief seekers in Delaware.
- The number of woman is on the rise, increasing by 3% from 2010 to 2011, and coming in at 3% higher than the national average.
- The number of Delaware residents seeking debt relief who claim one or more dependants increased 72% from 2010 to 2011.
These women are not only struggling to free themselves from debt, they’re also raising a family on limited means.
Since the odds are stacked against women it is crucial to their financial health to stay on top of their debt, budget, and think twice before spending those hard earned dollars.
Readers, how do you feel about these statistics?
Jana’s input: I want to say I’m surprised by the Delaware statistics but sadly, I’m not. We’ve had a number of major businesses leave the state, including several factories and plants. While new businesses are opening on what seems like a weekly basis, I know that they are much lower paying jobs than what was lost. However, I’ve noticed that our mall and outlets are always bustling, as are the restaurants. I can only assume that many of these people are using credit to maintain the standard of living they once had. I may be wrong but I’d bet that I’m not.
Hi Jana,
This was very enlightening! Excellent post.
Karen recently posted…Save Money with Pinterest: Meal Planning 101
@Karen I am glad you enjoyed it 🙂
I think you might also find that there is a correlation between the number number of women with shopping addictions compared to men.
On top of that the fact that women are not paid as well as men in most cases plays a factor. I think if we can get that on a more level playing field the difference will balance itself out.
Sean @ One Smart Dollar recently posted…Getting Your Credit Card Debt Under Control
@Sean Ok I confess I LOVE to shop! But, I know my limits when it comes to spending-charging up credit cards is NOT an option. Interestingly enough I know a lot of men that have shopping addictions but they also have the income to keep up. Hopefully we are getting closer to equal pay and standards for both men and women.
Damn, guess I should be a woman then because I did a few of the things that explain the wage gap. I definitely gave up some money so I wouldn’t have to spend more than twice as much time on my commute and can wear whatever I want to the office. And, I had no desire to work in a place where I had to park then walk to the building, especially if I had to wear a suit in the South Florida summers.
I wonder what the numbers are in terms of age groups–ie: older generations where it was tradition for the man to handle the finances and for whatever reason he isn’t there leaving the women to have to seek help. Or, if this is skewed toward younger generations where financial literacy and education takes a back seat to emulating what reality television tells people is cool and they should do.
Eric J. Nisall – DollarVersity recently posted…Worry About Money Not Your “Image”
@Eric It’s all about what is important to you!For some of us working from home in comfy pants and eating from our fridge each day is worth taking a pay cut and changing our standard of living.
Great post. I actually work in a male dominated environment, with not so desirable conditions, but I don’t mind it.I actually prefer working with men more because the environment seems more laid back and not as cliquey/gossipy as I have experienced working in the office with mainly females. I wouldn’t mind taking on irregular hours if it meant higher pay. Ideally I would love a high paying job that also had great fulfillment.
MakintheBacon$ recently posted…All Aboard The Inca Trail Express- Part I