Welcome to our #133 weekly newsletter.
“For women taking control of their financial future”
-Jana Hlistova
From The Purse
In this week’s newsletter, we focus on research which indicates that women are most likely to be worried about their money right now.
The cost of living crisis is a concern for most, but women are more likely to seek financial support from family and friends and are concerned about not having enough money to retire on.
Don’t forget to listen to The Purse Podcast interview with Ruth Shaber MD. She is the Founder and President of the Tara Health Foundation and the Co-Founder and Board Chair for Rhia Ventures. We talk about the reproductive and maternal health market in the US and why more investment is urgently needed.
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And you can review the news in brief so you stay on top of global financial, economic and investing trends.
I hope you enjoy this week’s newsletter.
Until next week,
Jana
Women are most likely to be worried about money right now
The cost of living crisis is a concern for more women.
According to new research by Charles Stanley, 35% of women are feeling consistently anxious about money right now, compared with 26% of men, as reported by The Independent.
While the cost of living crisis, rising interest rates and surging inflation is a concern for most people, women are especially downbeat.
We know that women still earn 90p for every £1 earned by men. And the gender pay gap is wider in more senior roles-men out earning women by 50-70%+ if bonuses are taken into account.
Women experience more pushback in the workplace especially when it comes to asking for more pay and being promoted. It is not uncommon for women to have to leave their job in order to get a 20-30% salary increase.
And women have more career interruptions, work in part-time employment and live longer than their male partner.
More marriages end in divorce and women are single for longer.
It’s no surprise that women are more concerned about not having enough money to retire on. In fact, 63% of women feel this way, compared to 51% of men.
Here are the key findings from the research:
69% of women say rising living costs are what they worry about most (compared to 48% of men).
26% of women are having sleepless nights as a result (compared with 18% of men).
34% of women say they are confident their finances will hold up against the rising cost of living (compared to 49% of men).
46% of women rely on family and friends for financial support (compared to 34% of men).
61% women are concerned about not being able to save for emergencies and using up all of their ‘rainy day’ funds (compared to 46% of men).
And 52% of women have never spoken to a financial advisor (compared to 44% of men).
However, the research also indicates that women are more open to learning and seeking financial professional help or advice.
We know that women are also better at reaching out to each other for support too. Remember: a problem shared is a problem halved.
What next? (Re) listen to The Purse Podcast
#37: Marriage and divorce: how to manage your money with Mary Waring
#43: Financial advice for women and how to grow your net worth with Cathy Curtis
#44: How women can build a healthy relationship with money with Dr. Kate Levinson
News in Brief
Financial news
S&P 500 dropped 369.38 points or 9.34% in September, largest one-month percentage decline since March 2020.
US bonds with maturities >10yrs have suffered their worst slump since at least 1973. US 10 year yields hit 4% for 1st time since 2010.
Eurozone inflation hit double digits for the first time ever. Jumps to record 10% in Sep. Core CPI accelerates to fresh all-time high as well.
S&P revised the UK debt’s outlook to negative from stable, affirmed AA credit rating, saying recent tax-cutting plans could weaken the UK’s fiscal position. A negative outlook is often, but not always, a precursor to an actual downgrade.
Sterling falls to record low against the dollar ie below $1.07 despite central bank and government reassurances about interest rates and stable finances.
Bank of England (BoE) warns of risk to UK financial stability as it intervenes in bond market. Emergency action follows sell-off in UK government bonds. Gilts rallied. UK 30 year yields, which earlier touched 20 year high >5%, fell by 0.75ppts to 4.3%, biggest daily drop in yields ever.
Following the BoE’s announcement, markets were pricing in a 1.5% point increase to 3.75% in November. The bank rate is expected to reach almost 6% by May 2023.
Homeowners warned of ‘significant’ rise in UK interest rates. Bank of England’s chief economist speaks out after mini-budget, with financial markets expecting rates to reach up to 6%.
Crypto: bitcoin, ethereum, DeFi & NFTs
BTC and ETH are flat for the week, while other top coins suffered bigger losses and the crypto market fell back below $1trn. (see current BTC price & ETH price).
XRP is down 5% in the past week, even after an incremental victory in Ripple’s case against the SEC.
Cardano (ADA) is down 7.5% even after pulling off its Vasil hard fork; Solana (SOL) is down 5% after the network suffered a three-hour outage Friday night; Dogecoin (DOGE) is down 7%; Avalanche (AVAX) is down 5%.
Ethereum transaction costs have fallen sharply since last November. The number of users, transaction count on Ethereum, and transaction count on Layer 2s remain on a positive upward trajectory.
Minting on Solana hits new high of 312,000 on Sept. 7, up from 39,000 just three days earlier. On Sept. 6, Solana-based NFT market volume his $11.5 million, the highest level since May. The surge was likely influenced by the excitement surrounding the y00ts mint. The 15,000-strong NFT collection is a new release from Dust Labs, the team behind the DeGods NFT collection.
MicroStrategy making new bitcoin play, developing Lightning Network-based Saas platform.
The Purse Podcast
We cover the following in our conversation:
The women's health market in the US
Why the market is underinvested
Investing in reproductive & maternal health
Female investors
And more
Please enjoy! Listen on Apple Podcasts and Spotify+
Coffee Break? Read This
We’d love to hear from you. Get in touch with Jana via the The Purse website or tweet @jointhepurse and @janicka.
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The Purse provides content for informational purposes only, we do not recommend products or services or provide investment advice. Please do your own research or speak to a financial adviser.
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