According to the latest research Mastercard “Women and Finance”, 66% of Hispanic women who are not economically independent have financial independence, above the European average (64.5%) and below only Germany (82%), France (76.5%) and Italy (75%) believes they will never reach it. ). Research conducted in twelve European markets to analyze women of different generations’ relationship to money and their financial development reveals that 32% of Hispanic women aged 25-39 do not believe they will succeed. in the future, this figure will increase to 85% in the 40-59 age group and to 91% in the Hispanic women aged 60-75 age group. Beyond these data, the study also confirms that women want to be financially independent: seven out of ten (74%) consider this a priority goal, in line with the European average (70%) and below only Portugal (84%). . %) and Romania (76%).
24.5% say that they do not feel financially independent because they need financial support from third parties, cannot earn enough (50%), cannot earn income (31%), or because their salary is not enough to save. (26%). As a result, 75% of Hispanic women consider themselves economically self-sufficient. 89% do this because they earn their own money and are not dependent on anyone or have a savings (28%) where they can face any problems and the remaining 6% are financial instruments.
In any case, the study highlights that the trend in Spain has been positive over the years, as 74% of respondents report that they are more economically independent than women in previous generations of their families, above the European average (67%). ) and only behind Bulgaria (75%). Meanwhile, 19% of Hispanic women say they have the same level of independence as their predecessors, while only 7% say they have less.
gender inequality
The study shows that the gender gap is still not closing, even higher than the European average (50%), as 55% of Hispanic women consider women to be less economically independent than men. Many say this is because women are working in unpaid jobs (71%); they earn less than men (54%); they decide to become full-time mothers and leave their professional careers (44%); or choose to be financially dependent on someone else (11%).
Looking at the distribution of expenses in the family unit they grew up in, the three age groups of women overlap to a large extent (56%), and most of the expenses are covered by the father. However, this trend decreases over time. Therefore, while 40% of the younger age group confirmed that the costs were shared equally between their parents, this occurred in only 26% of the 40-75 year old households surveyed.
Half of Hispanic women aged 25-39 state that they share the costs equally, while 23% say that someone else bears most of the expenses. This ratio decreases with increasing age, as only 16% of women aged 25-39 claim to bear all or most of their family expenses, while this figure rises to 22% and 32% in the age group 40-59. 60 and 75 respectively.
Women who do not live with their spouses state that they would prefer to share the expenses equally with their spouses (93%) and only 5.5% would prefer their spouse to undertake the majority. The proportion of women who prefer their spouses to bear most of the costs is 13% below the European average.
saving and spending
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The study explores what money means to Hispanic women and what they spend it on. For the majority (64%) it means more freedom; secondly, it means less pressure (35%) to deal with debts and/or investments, and finally, being able to save for the future (25%). 71% prefer to invest their money in experiences, while 29% prefer products or tangible goods. A trend seen in the three age groups, with emphasis being placed on the youngest group (close to 80%). However, 81% say they currently spend most of their money on housing, utility bills, gas or food, and only 8% on restaurants or outings and 3% on experiences with their spouse and friends.
Looking to the future, Hispanic women aged 25-39 state that the most important investment they want to make in their lives is to buy a house (51%), while those aged 40-59 (34%) say. . However, an investment that contributes to the welfare of the family is more important for the 60-75 age group (42%). On the other hand, the study also analyzes the savings of Hispanic women, something 63% declared to have achieved. The group that saves the most is the 25-39 age group, with 70% saving some of their salary, followed by 61% of women aged 60-75 and 57% of women aged 40-59. The data also reflects the youngest of those who save the most: 18% in the 25 to 39 age group save more than 20% of their salary, falling to 8.5% and 10% of women who save it. percent in the 40-59 and 60-75 groups, respectively.
Source: Informacion
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