The New Nation - Internet Edition

The US economic downturn has spread personal 'financial worries’ far and wide, but women are more worried about paying bills, losing jobs, providing for children and saving for retirement, says a study as reported by Reuters from New York. The economy of the United States has been mired in a half-year-long period of stagnation accompanied by a shrinking job market, rising energy prices and a downward spiral in consumer confidence. 'Women, particularly among minorities, had more financial worries than men’, said the report based on a survey commissioned by the Rockefeller Foundation and an analysis by the Institute for Women’s Policy Research.

As reported three of every ten women were worried about their economic security, compared with two of every ten men, two-thirds of women fear they are not saving enough for retirement while half of men share this concern. Job, marital status or education provides no protection from higher rates of economic anxiety and insecurity, with women much more likely than men to feel economically insecure. Perhaps this insecurity is even more pronounced among women of colour, and single mothers face double jeopardy - lower earnings because they are female and more financial stress from parenting.

Mothers were 50 per cent more likely than fathers to have to pass up buying something their child needed because they could not afford it and were also at greater risk of losing jobs than fathers. The women, according to the study, were very worried about possible cutbacks to old-age social security benefits. Even among the most well-off, women are nearly twice as concerned about threats to their social security benefits as men. 'Women earn less during their working lives and, because of their care-giving roles, are much more likely to spend time out of the labour force, which ultimately diminishes their retirement income.