New data shows serious lack of financial stability among young females

Chicago, Illinois Prosper Labs, a financial literacy courseware company has been collecting data regarding the financial stability of the average household in the United States. data, collected beginning in 2017, shows that millennials, specifically females, without having access to financial education are very vulnerable.

Steve Shambora, Founding Partner of Prosper Labs pointed out several interesting data points.

“While we did not find it surprising that financial stability would err to older generations, we did find it particularly concerning that women are at such risk. Additionally, the data would suggest that young females in particular may be the most concerning,” Shambora said.

The data collected in response to one simple question – “How comfortable are you that you could handle a $1000financial emergency?” – indicates that female respondents across all age groups are almost 50% less likely to be “Very Confident” that they could handle an emergency of this magnitude. By age group Millennials (28%) and Gen Z(17%) had the lowest measures of confidence.

Cary Carbonaro, author of #1 Amazon Best Seller Money Queens Guide commented: “Women as a whole are less prepared than men. We are less financially literate, put others before ourselves, we retire with two-thirds less money, are we’re more conservative investors, and we don’t hire a planner unless we are in a crisis”. She also said, “We also live longer and need more money than men, including spending more money on healthcare in retirement. This is why I am always shouting about how women need to rely on themselves to be financially literate, responsible and independent.”

Shambora further goes on to say, “In addition, the data collected suggests that only 50% of respondents (regardless of age, sex, geography, race, religious or political affiliation) felt comfortable being able to handle a $1000emergency. This data highlights the enormity of the real, underlying issue, which is why Prosper Labs is posing additional questions to the general public regarding their financial stability. Financial illiteracy is at epidemic proportions in our country, and while our goal is to provide an unbiased educational solution, we are also keeping tabs on the state of financial stability of our country to have a deeper understanding of the source of this problem, in an effort to help increase financial literacy overall,” Shambora said.

To capture the appropriate data points Prosper Labs sought the support of TruePublic, a Chicago based web application that has created a cutting edge insight collection app.

“TruePublic was built as a platform to express and understand the hidden values, actions, and opinions of young people across America. Prosper Labs is a critical fighter for financial literacy, something our research shows is desperately needed across all groups,” said Kaben Clauson, Founder of TruePublic.

“TruePublic provides us with not only an unprecedented institutional quality research platform, they also reinforce the importance and need for our educational content. As a social enterprise company that was intentionally created to make a significant impact, this further validates our mission and model to those we serve,” said Steve Sullivan, Co-Founder of Prosper Labs.

Primarily positioned as a courseware solution for businesses and in higher-education, ProsperLabs additionally subsidizes access to its online learning solution to not-for-profit organizations through their corporate charity of choice program allowing its businesses partners to further impact the communities in which they serve and reside. 

For more information regarding Prosper Labs, our research, media engagements, or our services please reach out to us at 844-2SERVE-ALL or info@prosperlabs.org

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