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Guess who’s afraid of never being able to retire? And who fears living paycheck to paycheck?

Everyone loves making money, but we all worry differently when we don’t have any.

New research shows men and women, old and young, have slightly different “money fears.”

Men (23 percent) fear not being able to retire more than women (20 percent), whereas a quarter of women fear living paycheck to paycheck more than men (17 percent), says a GoBankingRates study.

One reason women fear living paycheck to paycheck more than men could be due to the pay gap between the sexes.

Pew recently reported that the pay gap is narrowing, but still exists. In 2015, women earned 83 percent of what men earned. Pew estimated that women would need to work an additional 44 days a year to earn the same as men.

On top of this, women were more likely to have taken breaks in their careers to raise a family in a Pew study from 2013. Thirty-nine percent of women said they took off a “significant amount of time,” or reduced their hours (42 percent) to take care of a child or family member.

Modern family: men and women’s financial fears

A study from financial services company Allianz showed significant differences in family members’ approaches to money.

Women are more likely than men to talk money with their family, citing the importance of teaching their children finances. More than half (57 percent) shared their own personal financial situation compared to less than half (47 percent) of men.

Throughout the study, several results pointed to women having more financial stress than men.

Sixty-seven percent of women worry about covering their current financial expenses compared to men (57 percent).

The majority of women (81 percent) stress about planning for their future financial needs compared to 72 percent of men. Women also have less household debt than their male counterparts. Although, 42 percent reported feeling comfortable with their debt level compared to 56 percent of men.

“We thought that modern families would be equally stressed when managing their household finances, but the … gender data actually shows that stereotypical gender differences still seem to exist today,” said Aimee Johnson, Allianz Life Advanced Markets manager. “Women continue be more expressive about their stress and they discuss finances openly. Men, though less open on the topic, report more confidence with their financial situation.”

Men seek financial help, but women out save them

Women save and invest money more, says a study from Fidelity, with women saving 9 percent of their annual salary compared to men who save 8.6 percent. And the number of women investing has increased 19 percent over the last three years.

Despite their money fears, less than half of women seek advice from a financial professional. Almost half (47 percent) of men have used a financial professional compared to 41 percent of women, says Allianz.

Financial services company COUNTRY Financial released a study earlier this year revealing similar results. Twenty-five percent of women admitted to never seeking professional financial advice, compared to 15 percent of men.

“The results of Fidelity’s latest analysis reinforces that women too often underestimate their strengths as savers and investors,” added Alexandra Taussig, senior vice president of women investors at Fidelity. “It’s time to celebrate our abilities and maximize them by making a commitment to get more involved with our money.”

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Joe Pye

Joe Pye

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Pye is the associate editor of


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