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A look back on 2023

December 29, 2023Subscribe Read in browser


SKIMM MONEY

Skimm’d while brushing up on the work phrases that defined 2023

 

Women own less, save less, carry more debt, and are less financially literate
than men. That changes now.

 

Before the ball drops on Sunday night, we’re looking back on some of the
financial gains, money wins, and economic stats that defined the past year.

 

HOW WOMEN GOT AHEAD FINANCIALLY IN 2023

Money moves women made this year.

WE NARROWED THE GENDER PAY GAP…

Women in the US now earn 84% of what their male counterparts make. Partly
because women are filling more management-level roles, earning advanced degrees
at a higher rate than men, and taking jobs in higher-paying industries like
tech. Progress is progress — this is the smallest gender pay gap we’ve seen
since the Bureau of Labor Statistics started tracking it in 1979 — but we're not
popping champagne just yet. There's still a notable pay disparity when it comes
to race.

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WE STARTED INVESTING MORE…

Shoutout to millennial and Gen Z women who are leading the charge on this front,
according to a report from Fidelity Investments. The same report also found that
two-thirds of women overall are investing for retirement. But while women’s
investor confidence is on the rise, that remaining third is missing out. (PS: If
this is you, it’s time to start cashing in on compound interest.)

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MORE MOTHERS OF YOUNG CHILDREN ARE WORKING…

Remote work and flexible schedules are keeping women, especially those with kids
under five, in the workforce. But reality check: The cost of childcare is still
a hurdle for working moms. Many parents need to spend far too much of their
paycheck on childcare. And moms are disproportionately the parent who opts out
of the workforce to take care of the kids.  

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WIVES’ EARNINGS ARE CATCHING UP WITH THEIR HUSBANDS… 

In a growing number of opposite-sex marriages, the women are bringing home as
much bacon as the men. The catch? They’re also frying it, serving it up, and
running the dishwasher, too. Translation: Domestic labor is still
disproportionately on women's plates. Equality, we're still fighting for you.

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SINGLE WOMEN OWN MORE HOMES THAN SINGLE MEN…

Yes, a white picket fence (or whatever else you fancy) can come before a
partner. Historically, solo homeownership for women meant inheriting a house
after a husband died. Now, 19% of homebuyers are single women. Why not buy your
own Dreamhouse, Barbie?

 

THING TO KNOW

Together with


65%

The percentage of Americans who agree that credit card rewards help them afford
items and experiences they couldn’t have otherwise afforded. They’re making the
most of every dollar, which makes perfect *cents* to us.

Whether you’re treating yourself to dinner and a show or a new TV, putting your
rewards to good use can help your hard-earned money go further. Especially if
you've got a Chase credit card, and convert points to cash back or use their Pay
Yourself Back feature. Psst...you can also get exclusive deals when you pay with
Chase Ultimate Rewards. Major shopping score.

 

HOW YOU GOT AHEAD FINANCIALLY IN 2023

Wins Skimm Money readers achieved this year.


“AFTER LOSING THREE BIDDING WARS, I CLOSED ON MY FIRST HOME FOR ME AND MY CATS.”

— Kelly M (NC). Forget about “a room of one’s own.” In 2023, you went for the
whole house.


“I’D BEEN SAVING MONEY FOR A COUPLE OF YEARS TO BUY MYSELF A CAR. I WAS REALLY
NERVOUS TO NEGOTIATE BECAUSE I DIDN'T HAVE A LOT OF EXPERIENCE. AFTER SEARCHING
ONLINE AND GETTING ADVICE FROM FRIENDS AND FAMILY, I FOUND A GREAT USED CAR AND
NEGOTIATED OVER EMAIL TO GET THE PRICE DOWN. IT WAS REALLY EMPOWERING TO DO IT
ALL ON MY OWN!”

— Karyn W (MN). Financial imposter syndrome is real. That doesn't mean it has to
win.


“I WAS RECENTLY PROMOTED AND GIVEN A LOT MORE RESPONSIBILITIES AT WORK, BUT MY
PAY DIDN'T REFLECT THAT. I ADVOCATED FOR MYSELF; HIGHLIGHTING THE
RESPONSIBILITIES I CONSISTENTLY PERFORMED WELL, AND HOW MY PAY DID NOT REFLECT
THAT. IN THE END, I WAS SUCCESSFUL IN GETTING A RAISE, AND MY MANAGEMENT WAS
PROUD OF ME FOR KNOWING MY WORTH.”

— Sophie D (CA). Negotiating isn’t easy (even Greta Gerwig admitted to
struggling with it), but it’s so worth it.


“I PAID OFF MY STUDENT LOANS ON SEPTEMBER 1, RIGHT BEFORE INTEREST BEGAN AGAIN!
I HAD ABOUT $75,000 IN UNDERGRAD AND GRADUATE LOANS AND MET MY GOAL OF PAYING
THEM OFF BEFORE I TURNED 30 (I’M 28). I’M THROWING A HUGE PARTY TO CELEBRATE
THIS MILESTONE!”

— Kathryn W (CO). Here’s to zero-balance energy in 2024.


“I TOOK THE LEAP AND FILED FOR BANKRUPTCY. NOT WHAT EVERYONE WOULD CONSIDER A
WIN, BUT IT'S GIVING ME A FRESH START AND A HARD LESSON I'VE NEEDED FOR A WHILE.
DON'T BE SHY ABOUT BANKRUPTCY, SO MANY PEOPLE DO IT. IT'S NOT THE BE-ALL,
END-ALL THAT BOOMER PARENTS (AKA MINE) MAY MAKE IT OUT TO BE.”

— Amy G (UT). Financial wins aren’t all raises and new cars. They’re also facing
the hard stuff and making a plan to get back on track.

Scored a raise, saved up for a big purchase, or reached another money goal? Tell
us about it here. Quotes are edited and condensed for clarity.

 

THE NUMBERS THAT COUNTED IN 2023

Stats to know before ringing in 2024.


$4.82

The peak price of a dozen eggs in 2023. Which is why the search “Why are eggs so
expensive” made Google Trends history this year. Prices have since dropped from
their January high to $2.14. But eggflation might not be over, thanks to a
recent bird flu outbreak. Does this mean the eggless cake recipes are coming
back to our FYPs?

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3.1%

The current inflation rate, according to the US Labor Department’s latest
consumer price index report. Overall, prices are rising more slowly than they
have been, but they’re still high. Which is why a lot of people aren’t feeling
so great about the economy. All eyes will be on the next report, which is set
for release on January 11.

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5.25%–5.5%

The Federal Reserve’s benchmark interest rate, which can impact things like your
savings account’s APY and your credit card’s APR. Think: The amount your credit
card bill can go up if you miss a payment. This year, the Fed raised rates four
times but has kept them steady (though, still high) since July. Good news: Rates
may be coming down in 2024.

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$9.5 BILLION

The approximate amount of concert money Taylor Swift and Beyoncé fans poured
into the US economy.* Swifties helped Taylor’s Eras Tour bring in $5 billion,
according to one estimate. And the Beyhive was serious about spending, too.
Renaissance Tour goers gave the economy an estimated $4.5 billion boost. Who run
the world? Girls, indeed.

*Editor’s note: This includes data up until the fall of 2023.

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4.9%

The rate that the American economy grew in the third quarter (thanks, in part,
to all those concert ticket sales). But the Congressional Budget Office predicts
the US will hit a 1.5% growth rate in 2024. That lower rate could mean higher
unemployment numbers, so consider asking for a raise vs. submitting job apps in
the new year. 

 

And just like that, 2023 is a wrap. We’ll be back in your inbox on Friday,
January 5, to help you stick to your New Year’s money resolutions. Happy
holidays!

 

Forward this to a friend. Click here.

 

Have a money question you want us to answer? Email us at money@theskimm.com.

 

Skimm'd by: Dae Cason, Anna Davies, Sarah Estime, Jordan Mamone, Sara Tardiff,
AJ Cohen, and Megan Beauchamp

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Design: theSkimm | Photos: theSkimm, Brand Partners

Subject Line: “Christmas Wrapping” by The Waitresses

 

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