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Women are Affected by Economy; Find Solace in Beauty

Posted: October 10, 2008

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What are women planning to do about their economic stress, if anything? At the moment, the majority of women (59%) are cutting back on unnecessary spending. About one-fifth indicated they would either take a second job or go back to work. Cuts also include:

  • Cut back on luxuries (59%)
  • Take a second job (12%)
  • Postpone buying a home (10%)
  • Go back to work (7%)
  • Other, including “save more”, “move”, and “cut back on food”.

Clearly, doing nothing is not an option for most women.

40% of women say they worry more than their spouses about finances. Also, women are making their own major financial decisions, either alone (38%) or in equal partnership with their spouses (also 38%).

When asked if the recent bankruptcies of financial institutions like Lehman Brothers have a direct effect on their lives, 57% of respondents say yes. “If you don't think they don't, you don't fully understand the problem,” says one respondant.

Although most respondents with children stated the economy is not forcing them to change childcare arrangements (85%), 12% replied that it has and the rest expressed worry, answering the question “not yet.” 88% of respondents with children indicated that the economy is affecting their children’s daily lives. Specifics were varied, but most hinged around spending cutbacks of some sort, from “special treats” and “vacations” to daily living expenses, such as gas.