Fake: Despite social media posturing many young women are not doing well financially

women

Apr 1

by Gayle Harris // Women // EEW Magazine Online

The posturing you see on social media may lead you to wonder how so many young women are able to afford luxurious brands, opulent vacations and live the overall luxe lifestyle. Well, findings from a new survey reveal that maybe you shouldn’t believe everything you see.

About sixty-one percent of young women say they are not doing well in the economy right now, with nearly one in three (29%) saying they are not doing well at all. They are facing financial anxiety, stress about finding good-paying jobs, and concern about balancing their careers and personal life in the future.

The survey, "The impact of the pandemic on 18-30 year old women in U.S.," and focus groups results are from the most demographically diverse cohort and were gathered by Lake Research Partners, commissioned by Wellesley College, and funded by the Carnegie Corporation of New York.

"The COVID-19 pandemic caused young women to suffer disproportionate job losses, especially Black and Hispanic women," said Paula A. Johnson, president of Wellesley College. "We continue to see how the economy fails women, whether through gaps in pay, respect on the job, access to affordable childcare, or paid leave. While these women continue to show resilience and optimism, it's imperative that we push for change to one day have an economy that supports not only women, but all people equally."

When asked about their top personal concerns, young women—who are in the formative stages of their professional lives—focused on jobs and finances, including 1 in 3 (33%) who are very worried about getting a good paying job. Similarly, the survey found financial security and stability ranks as their top two priorities in life, with women saying being financially secure (94%) and stable (92%) is important, and four-fifths (81% and 80%, respectively) saying it's very important.

If you have been feeling less than secure about your financial condition—young or old(er)—you’re not alone regardless of what social media snaps indicate.