The Gender Gap in Financial Outcomes
The financial resilience of families is a critical factor in the overall health of the US economy. Americans across the income spectrum experience high levels of income and spending volatility, and health emergencies are among the most common economic hardships. One in six families makes an extraordinary medical payment in any given year. Families’ financial outcomes worsen as a result of the extraordinary medical payment and do not fully recover even a year after. This is especially true for women. The gender gap in financial outcomes widens after an extraordinary medical payment.
The JPMorgan Chase Institute compares the financial outcomes of accounts held by women versus men and examines changes in these outcomes that result from an extraordinary medical payment. The Institute assembled a de-identified sample of more than 210,000 core Chase checking account customers between 2013 and 2015, for whom we could infer the gender of the primary account holder and categorize at least 80 percent of expenses.