Women own less, save less, carry more debt, and are less financially literate than men. That changes now.
how women got ahead financially in 2023
Money moves women made this year.
We narrowed the gender pay gap…
Women in the US now earn 84% of what their male counterparts make. Partly because women are filling more management-level roles, earning advanced degrees at a higher rate than men, and taking jobs in higher-paying industries like tech. Progress is progress — this is the smallest gender pay gap we’ve seen since the Bureau of Labor Statistics started tracking it in 1979 — but we're not popping champagne just yet. There's still a notable pay disparity when it comes to race.
We started investing more…
Shoutout to millennial and Gen Z women who are leading the charge on this front, according to a report from Fidelity Investments. The same report also found that two-thirds of women overall are investing for retirement. But while women’s investor confidence is on the rise, that remaining third is missing out. (PS: If this is you, it’s time to start cashing in on compound interest.)
More mothers of young children are working…
Remote work and flexible schedules are keeping women, especially those with kids under five, in the workforce. But reality check: The cost of childcare is still a hurdle for working moms. Many parents need to spend far too much of their paycheck on childcare. And moms are disproportionately the parent who opts out of the workforce to take care of the kids.
Wives’ earnings are catching up with their husbands…
In a growing number of opposite-sex marriages, the women are bringing home as much bacon as the men. The catch? They’re also frying it, serving it up, and running the dishwasher, too. Translation: Domestic labor is still disproportionately on women's plates. Equality, we're still fighting for you.
Single women own more homes than single men…
Yes, a white picket fence (or whatever else you fancy) can come before a partner. Historically, solo homeownership for women meant inheriting a house after a husband died. Now, 19% of homebuyers are single women. Why not buy your own Dreamhouse, Barbie?
how you got ahead financially in 2023
Wins Skimm Money readers achieved this year.
“After losing three bidding wars, I closed on my first home for me and my cats.”
— Kelly M (NC). Forget about “a room of one’s own.” In 2023, you went for the whole house.
“I’d been saving money for a couple of years to buy myself a car. I was really nervous to negotiate because I didn't have a lot of experience. After searching online and getting advice from friends and family, I found a great used car and negotiated over email to get the price down. It was really empowering to do it all on my own!”
— Karyn W (MN). Financial imposter syndrome is real. That doesn't mean it has to win.
“I was recently promoted and given a lot more responsibilities at work, but my pay didn't reflect that. I advocated for myself; highlighting the responsibilities I consistently performed well, and how my pay did not reflect that. In the end, I was successful in getting a raise, and my management was proud of me for knowing my worth.”
— Sophie D (CA). Negotiating isn’t easy (even Greta Gerwig admitted to struggling with it), but it’s so worth it.
“I paid off my student loans on September 1, right before interest began again! I had about $75,000 in undergrad and graduate loans and met my goal of paying them off before I turned 30 (I’m 28). I’m throwing a huge party to celebrate this milestone!”
— Kathryn W (CO). Here’s to zero-balance energy in 2024.
“I took the leap and filed for bankruptcy. Not what everyone would consider a win, but it's giving me a fresh start and a hard lesson I've needed for a while. Don't be shy about bankruptcy, so many people do it. It's not the be-all, end-all that boomer parents (aka mine) may make it out to be.”
— Amy G (UT). Financial wins aren’t all raises and new cars. They’re also facing the hard stuff and making a plan to get back on track.
Scored a raise, saved up for a big purchase, or reached another money goal? Tell us about it here. Quotes are edited and condensed for clarity.
the numbers that counted in 2023
Stats to know before ringing in 2024.
$4.82
The peak price of a dozen eggs in 2023. Which is why the search “Why are eggs so expensive” made Google Trends history this year. Prices have since dropped from their January high to $2.14. But eggflation might not be over, thanks to a recent bird flu outbreak. Does this mean the eggless cake recipes are coming back to our FYPs?
3.1%
The current inflation rate, according to the US Labor Department’s latest consumer price index report. Overall, prices are rising more slowly than they have been, but they’re still high. Which is why a lot of people aren’t feeling so great about the economy. All eyes will be on the next report, which is set for release on January 11.
5.25%–5.5%
The Federal Reserve’s benchmark interest rate, which can impact things like your savings account’s APY and your credit card’s APR. Think: The amount your credit card bill can go up if you miss a payment. This year, the Fed raised rates four times but has kept them steady (though, still high) since July. Good news: Rates may be coming down in 2024.
$9.5 billion
The approximate amount of concert money Taylor Swift and Beyoncé fans poured into the US economy.* Swifties helped Taylor’s Eras Tour bring in $5 billion, according to one estimate. And the Beyhive was serious about spending, too. Renaissance Tour goers gave the economy an estimated $4.5 billion boost. Who run the world? Girls, indeed.
*Editor’s note: This includes data up until the fall of 2023.
4.9%
The rate that the American economy grew in the third quarter (thanks, in part, to all those concert ticket sales). But the Congressional Budget Office predicts the US will hit a 1.5% growth rate in 2024. That lower rate could mean higher unemployment numbers, so consider asking for a raise vs. submitting job apps in the new year.
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