Bank / Credit Union

BMO report reveals women are spending less this holiday

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November 23, 2021

More than a third of American women plan to spend less this holiday season, according to BMO Financial Group's Real Financial Progress Index. Women have less savings and financial confidence and security this year, which is driving the lower spending, according to a press release.

Key data points in the index include:

• 37% of women will spend less this holiday and 13% will spend more.
• 33% of women have saved less for holiday shopping this year while 23% of men have saved less.
• Only 73% of women feel confident about their financial situation compared to 86% of men.
• Only 41% of women feel more financially secure than last year, while 54% of men feel more financially secure.

"The pandemic has widened the gender gap around financial confidence and wellness, and in turn, is impacting the holiday spending power of women," Erminia (Ernie) Johannson, group head, North American personal and business banking, BMO Financial Group, said in the release. "As we recover from the pandemic, women should find trusted friends and advisors with whom they can discuss their financial concerns and from whom they can learn about different approaches to money management so that they can regain financial confidence — even as their financial situation continually changes. At BMO, we're committed to the real financial progress of every woman. We've established programs like BMO Women in Business to provide the tools, resources and education needed to empower women to meaningfully build their financial future."