All you want for your kid as a parent is for them to be happy, healthy, and move the hell out of your house one day. And while wage and STEM gaps may have you worried about your daughter’s future finances, a recent study suggests that your son’s future might be cause for greater concern. For the first time seemingly ever, young women are more likely to maintain savings, do their own taxes, and have their own health insurance than young men are. You go, girls.
The report — brought to you by Bank Of America, USA Today, and the unfortunate verb “adulting” — surveyed 2,180 people ages 18 to 26 about their money habits and found that 61 percent of women have savings set aside, compared to 55 percent of men. Thirty eight percent of female respondents reported paying their own rent, versus 32 percent of men who moved out of their parents’ basements. Likewise, 34 percent of women did their own taxes, which is more than the 28 percent of men who didn’t ask their dads to do it for them. Young women were better at health insurance too, with 33 percent of them having plans separate from their parents, with only 25 percent of men who could say the same. No word on how many of the remaining 75 percent had moms making their doctor’s appointments as well.
Interestingly, the study also revealed a bit of a learning curve among young people when it comes to how independent they see themselves. While the number of young people who considered themselves “independent adults” peaked among 18-year-olds at 27 percent, this tapers off to 6 percent of people 25 and older. For those who felt like adults beyond “just in the eyes of the law,” 60 percent said it was because their parents helped prepare them. So, take heart: all that “raising your kids” stuff clearly hasn’t been for nothing.