Ahead of International Women’s Day, new data from Laurel Road, a digital banking platform of KeyBank, revealed that among continued economic uncertainty and financial stress, women are turning to family and friends for financial advice.
Released today, the eighth annual survey explores financial security and money management trends among 2,301 U.S. women. The study found that nearly two-thirds of women (65%) rank personal finances as a top source of stress and anxiety in their lives, indicating no change over last year. To combat this stress, 44% of women are looking to their personal networks to discuss finances, with Gen Z (50%) and Millennial (47%) respondents in particular leaning on people close to them.
Financial Goals and Stressors Vary Across Generations
Women across all generations share a widespread apprehension about the current economic environment, with 78% agreeing that the economy makes them uneasy about staying on track with their financial goals, an increase over the 75% who felt this way last year. When it comes to these goals, women continue to say they are most behind on retirement savings (36%), followed by credit card debt repayment (30%), and salary (22%). Millennials, uniquely, also feel behind on homeownership (31%).
Additionally, although 70% of women report that they feel confident about managing their personal finances – a single percentage point decrease from 2024 – personal finances remained a key stressor in their daily lives (65%), followed by managing their health (46%) and taking care of their family (38%).
Gen Z and Millennial women, specifically, feel heightened pressure around their careers, with 46% and 42%, respectively, citing their profession as a major stressor compared to 31% of women overall. Over a third (37%) of Gen Z women also listed pursuing educational goals as a key concern, a noteworthy jump from 26% in 2024.
Women Rely on Personal Relationships, Social Media for Financial Advice
While 65% of respondents identified financial advisors and experts as a most trusted source for advice, less than 1 in 5 women use a financial advisor, instead favoring their inner circle, such as their friends and family (44%). Gen Z women notably rely on their parents for financial advice (76% say their parents are a trusted source of guidance). Coworkers do not fall within this circle, with 2 in 3 women reporting they do not share financial advice with their professional colleagues.
Although only 11% of respondents see social media influencers as a most trusted source when seeking financial advice, social media is the second most referenced source for financial trends and practices for women (30%), followed by traditional media (24%). Gen Z women utilize social media for information on financial trends and practices, the most of any generation (48%), followed by Millennials (39%). More Millennials turn to budgeting and investing apps than other generations, but even their usage remains low, at just 23%.
While generations vary on where they seek advice, women are diversifying their sources to gain a better understanding of their financial wellness, while also demonstrating an opportunity to pursue additional expert guidance.
“We’re happy to see more women feeling empowered to talk about their finances, with our study showing nearly half of women turning to their friends and family to learn more about financial trends and best practices. This comfortability and willingness to discuss topics that have been traditionally considered taboo – especially for women – is crucial when navigating financial success,” said Alyssa Schaefer, General Manager and Chief Experience Officer at Laurel Road. “While this is a great first step, with continued uncertainty and financial anxiety on the rise, it’s important for women to also extend these conversations beyond inner circles and speak to a professional. There are many free resources available to get started, such as Laurel Road’s Student Loan Forgiveness Counseling.”
Side Hustles Emerge as a Popular Trend Among Women
With nearly a third of women turning to social media for financial advice and skills, it’s no surprise that many women are embracing money management trends that appear regularly online, such as freelance “side hustles” with 31% participation overall, and Gen Z showing the highest rate at 37%. Similarly, 29% are leaning into DIY/upcycling and 21% of women are participating in no-spend challenges aimed at limited discretionary spending.
Even with their popularity on social media and in traditional media over the past year, there is lower familiarity among women with other financial trends related to budgeting, debt repayment, and investing – fewer than 1 in 5 respondents participated in trends like passive income (15%), Soft Saving (13%), Cash Stuffing (13%), Debt Snowball (13%), Debt Avalanche (9%), or micro-investing apps (8%).
While women are still apprehensive of the economic environment and feeling the weight of financial anxiety, this year’s survey reveals that they are taking action and control by having conversations within their personal networks as well as turning to social media for advice. The data also indicates that an opportunity remains for women to seek further guidance from trusted financial professionals and take advantage of budgeting and financial apps to get on track toward their financial goals.
