Single Ladies Pay Twice as Much for Health Insurance Than Their Male Counterparts According to a ValuePenguin.com Study – PR Newswire
NEW YORK, March 9, 2022 /PRNewswire/ — As if gender pay gaps weren’t enough, single women face another financial hurdle: insurance. Although various factors may come into play when reviewing insurance costs, there’s no mistake that women are paying more across the board.
According to ValuePenguin’s most recent study, single women pay twice as much for health insurance than single men and they also spend higher percentages of their income on auto and life insurance.
Key findings:
Single women spend nearly twice as much of their income on health insurance as single men. Single women spent an average of $2,406 on health insurance in 2020, or 6.8% of their annual income. Single men paid $1,896, on average, or 3.9% of their yearly income.
Single women put a higher percentage of their income toward health insurance than men in every age breakdown. This gap widens with age. For example, single women 65 and older spend 11.7% of their annual income on health insurance — more than three percentage points higher than men of the same age (8.4%).
The same scenarios hold across every income breakdown. Single women who earn less than $15,000 a year pay a whopping 20.7% of their income, on average, toward health insurance — versus 15.7% for men.
It’s not just health insurance either, as single women put higher percentages of their income toward auto and life insurance than single men. Women put 2.4% of their income, on average, toward auto insurance, versus 1.9% for men. And women put 0.7% of their income, on average, toward life insurance, versus 0.4% for men.
View full report: https://www.valuepenguin.com/insurance-costs-gender-gap-study
About ValuePenguin.com: ValuePenguin.com, part of LendingTree, is a personal finance website that conducts in-depth research and provides objective analysis to help guide consumers to the best financial decisions. ValuePenguin focuses on value, assessing whether the return of a particular decision is worth the cost or risk of that option, and how this stacks up with the other possible choices they may have. For more information, please visit www.valuepenguin.com, like our Facebook page, or follow us on Twitter @ValuePenguin.
Media Contact:
Nadia Gonzalez
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SOURCE ValuePenguin.com
