Most U.S. Women Shortchanged as They Pursue Financial Well-being

Financial institutions (FIs) and fintechs have devoted many decades and dollars to creating tools and resources that enable consumers to more efficiently manage their financial lives. 

Yet, as one high-powered think tank recently concluded, “blind spots” within the financial services industry continue to hamper the creation of technology and services specifically designed to meet the needs of women. (“Blind spots” — Oliver Wyman concludes — that cost the industry $700 billion annually.) 

As a result, women continue to find themselves more than a few days late and a few dollars short when it comes to achieving financial well-being. Yes, more and more women now serve as “household CFOs,”  managing family bills and budgets, but a truckload of research paints a more discouraging picture for women, one where financial wellness remains elusive. 

Study after study confirms U.S. women…

• Earn significantly less than men — a salary gap that will remain entrenched for at least another century. 
• Pay more for basic goods and services while incurring more penalties and fees. 
• Are more likely to be turned down for business loans and lines of credit.
• Save far less for retirement than men do. 

But some things never change: survey data shows U.S. women continue to shoulder the lion’s share of childcare responsibilities, domestic chores and related tasks.

What does this have to do with women and bill pay? Plenty.

‍
Less income, less credit and more penalties and fees serve up a recipe for detrimentally-low credit scores. And as BillGO CEO Dan Holt reminded the press in 2021, “Paying your bills on time is the number one way your credit score is measured. If you have a better credit score,” he said, “you have better financial access.”

Conversely, the lower a credit score, the lower the access to the financial mainstream. 

The State of Play for Women and Paying Bills

Lower earnings and credit scores are only part of the story. BillGO’s latest whitepaper, The State of Play for Women and Paying Bills, draws on a wide variety of data from an array of sources to assemble a picture of the role U.S. women play in the economy, the job market and the household. 

As the research bears out, both women and men have grown accustomed to women managing bills and serving as “household CFOs” — even while they continue to be shortchanged in their attempt to attain financial well-being. 

Read more. Download your complimentary copy of the whitepaper now.