In a flip of the dynamics from half a century ago, young women are now more self-reliant than their male peers, according to a new study by Bank of America.
In 1950, just 34% of women participated in the labor force. By 2013, 57.2% of women were working, according to data from the Bureau of Labor Statistics.
This increase in steady jobs has likely helped more women hit key markers of financial independence, so much so that women now “tend to be more financially independent than men,” according to the Bank of America/USA Today study on the money habits of young adults between 18 to 26.
While 61% of young women said they have set aside savings, 55% of men have done the same. While 34% of women told Bank of America that they did their own taxes, 28% of men said the same. While 33% of women said they have a health insurance plan independent of their parents, 25% of men could say the same. Finally, while 38% of female respondents paid their own rent, where only 32% of young men did.
Most young Americans don’t consider themselves “adults” by the time they are 18. The majority, 62%, say they thought of themselves as adults sometime after they turned 19—or whenever they achieve financial independence. That’s often marked by getting a job or setting aside savings.
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