Women are stereotypically seen as irresponsible spenders, but the data doesn't back this up. According to a 2019 Experian study, men carry more debt than women across nearly all categories, including credit card debt — the study found that men have $125 more in credit card debt than women on average.
A large cadre of research now shows that student debt disproportionately burdens Black borrowers. Not only are Black students more likely to borrow, and to need to borrow more, but they struggle much more with paying back their loans.
Race: Higher rate of Black families owe student loan debt — and they owe more. The Survey of Consumer Finances also breaks down the student loan data by race — white, Black and Hispanic. Black families borrow student loans at higher rates than other races and owe more.
Black adults are more than twice as likely than white adults to have student loan debt. The following graph includes federal and private student loan debt among all adults. On average, Black adults in the U.S. also hold higher student loan debt balances than borrowers of other races.
64% of all student loan debt belongs to women. The average student debt for women in the U.S. is $31,726. Women have a median annual salary of $56,170 following college graduation, which is 26% of what men can expect to earn following graduation.
Among student borrowers, women take out an average of $31,276, while men borrow an average of $29,270, according to a 2021 data analysis by the American Association of University Women. Black women owe a disproportionate amount of student debt.
Higher percentages of Black (88 percent) and American Indian/Alaska Native (87 percent) students received grants than students who were of Two or more races (79 percent), White (74 percent), and Asian (66 percent).
Student loan debt
Young people are more likely to have student loan balances: 24.3% of millennials and 20.2% of Gen Z are in student debt, compared to 14.9% of Gen X, 6.1% of boomers and only 1.4% of the silent generation. But among those who have student loan debt, Gen X owes the most, on average.
Black student borrowers owe the highest monthly payments. Black student borrowers with an associate's degree are the most likely to have monthly payments of $260. Black student borrowers with a bachelor's degree are the most likely to have monthly payments of $390.
Overview. Black and Hispanic or Latino student loan borrowers are more likely to have difficulty repaying their loans than their White peers, according to a significant body of research.
Women are less likely than men to report they're doing well financially but are more likely to curb spending. Just 23% of women say they're doing well or very well financially — 11 percentage points behind men. Additionally, 37% of women aren't able to save money, versus 22% of men.
T he gender wealth gap among America's richest people remains wide—there are only 67 women on this year's Forbes 400 list—but it's narrowing. Women now account for 17% of the list, up from 15% last year, and they hold 15% of the 400's total wealth, up from 14% in 2023. As always, progress remains slow and steady.
Running up $50,000 in credit card debt is not impossible. About two million Americans do it every year. Paying off that bill?
Black Americans donated a higher percentage of their income to religious congregations and secular causes in 2018 than all other racial groups, except for White Americans. The main findings of this report are based on the Indiana University Lilly Family School of Philanthropy's Philanthropy Panel Study (PPS).
Approximately three-quarters of Black- and White-headed families have debt, but the median debt-to-asset ratio is 50% higher among Black than White families (Copeland, 2020), with Black borrowers less likely to fully repay loans (Brevoort et al., 2021).
In 2022, the college enrollment rate for 18- to 24-year-olds was higher for those who were Asian (61 percent) than for those of all other racial/ethnic groups: White (41 percent) Two or more races (36 percent) Black (36 percent)
The Gen X debt situation
The cohort also has the largest share of people with debt, nearly 99% carry some type of balance, LendingTree found. Gen Xers led the way in three of the four categories analyzed. The group — between 44 and 59 years old — has the highest median credit card, auto loan and student loan balances.
Billionaire Robert F. Smith pledged to pay off student loans for every member of Morehouse College's graduating class. The Ivy League-educated business leader made his fortune investing in software firms and other tech companies.
Student debt is making it nearly impossible for many women to afford their basic living expenses after graduating from college. AAUW's 2021 Deeper in Debt report finds: Women hold an average of $31,276 in student debt, leaving them with a monthly loan payment of $307 the year after graduation.
The Global Gender Gap Report for 2023, released by the World Economic Forum, states that of the 146 countries researched for their findings, the gender gap in education stands at 31.6%. This shows an increase in girls' participation in education worldwide compared to 2022 of only 0.3%.