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Women are Affected by Economy; Find Solace in Beauty

Posted: October 10, 2008

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What was women’s biggest financial concern? Respondents were nearly evenly divided between retirement (31%) and “living day to day” (29%).

The survey finds that the media plays a significant role in the anxiety felt by women. 46% of respondents feel they are directly affected by the economy and 54% feel their anxiety is more likely caused by what they hear in the media “I think the media's over blowing it, to an extent, and creating a crisis - much like they've done for everything over the past few years,” says one respondent.

The economic crisis is seriously affecting women on an emotional level. Half of respondents report a generalized sense of fear and concern, while another 18% report insomnia. One respondent states: “It has made me hyper aware of the news. I've gone to economic Web sites and blogs to try and learn more about what is really going on and how it all started. I hate feeling stupid, and not having a good answer or knowing what to do to protect myself and my children.”

Of course, it’s not just about anxiety. The economy is directly impacting women on a day-to-day basis. 44% report the economic downturn is affecting their retirement plans. Other life items affected include:

  • Career plans (27%)
  • Home-owning plans (14%)
  • Wedding/honeymoon plans (3%).

And a vast majority of women (83%) reported that their spending habits have been affected. It’s hitting women and their families everywhere, from having to take on second jobs or work more hours, to scrimping on basics.