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Many women have felt a societal pressure to “have it all” — to be a fully present parent and run the household, all while being a high achiever at work. But more and more women are now realizing that this can often be an either/or situation, with one priority having to win out.
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A new GOBankingRates survey found that 65% of women value work-life balance over salary when it comes to their careers. Comparatively, 57% of men value work-life balance over salary. In this “Financially Savvy Female” column, we’re chatting with experts about why many women are putting home life above high-power careers, and the pros and cons of this prioritization.
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Why Women Are Prioritizing Work-Life Balance Over Salary
Some women may be prioritizing work-life balance because they are expected to, not necessarily because they want to, said Amy Colton, CFDA, a financial advisor at Your Divorce Made Simple.
“Women do feel a great deal of pressure to focus on responsibilities at home compared to men,” she said. “I recently worked with a client where the wife was the primary breadwinner, yet she was also responsible for raising the kids and making sure that all the family responsibilities were taken care of. The fact that women are seeking work-life balance over salary is not surprising, given all the responsibilities they have both in the workplace and in running the household.”
However, for other women, this is a conscious choice to avoid burnout or have a more fulfilling life.
“Women might be more aware of how burnout can mess things up,” said Kraig Kleeman, CEO and founder of The New Workforce. “By prioritizing work-life balance, they’re likely avoiding the exhaustion of working around the clock, which is a win for their mental and physical health. Going for a work-life balance can also make their work more fulfilling beyond just the paycheck.”
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The Pros
While your salary may not skyrocket, Kleeman said maintaining balance can benefit women’s overall productivity and career longevity.
“Women who value work-life balance might have more extended and successful careers,” he said. “Without burnout and stress, they can keep their jobs strong for a long time.”
It also leaves more time to focus on aspects of your life that can be more valuable than a paycheck.
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“We don’t often hear about people at the end of their lives having wished they prioritized working more — and I never hear this from coaching clients, including those who are chasing a higher salary and more responsibility,” said Sally Anne Carroll, a life and career coach.
The Cons
Unfortunately, women can be penalized in their careers for prioritizing work-life balance.
“A Wall Street Journal report citing Live Data Technologies found that remote workers, who often seek work-life balance, were 35% more likely to be laid off than those in hybrid or on-site roles,” said Andrea J. Miller, CEO of LeadWell Company, which provides coaching and consulting services. “This indicates a potential risk for women prioritizing balance over salary.
“While work-life balance can lead to better mental health and job satisfaction, it might also mean slower salary growth and less job security,” Miller continued. “This highlights a crucial gap at work that needs to be bridged — ensuring that choosing work-life balance doesn’t lead to financial or career disadvantages, particularly for women.”
Earning less money can have both immediate and long-term effects.
“Women might not pursue high-paying jobs or might work part-time. Over time, this could mean earning less than men,” Kleeman said. “Lower salaries can mean less money saved for retirement. This could lead to financial insecurity during the golden years.”
Survey methodology: GOBankingRates surveyed 1,005 Americans ages 18 and older from across the country between Jan. 23 and Jan. 26, 2024, asking six questions: (1) What is more important to you in a job/career?; (2) What is the minimum annual salary that would make you feel happy?; (3) How much do you believe you will need in savings to retire comfortably?; (4) How much do you currently have saved for retirement?; (5) Do you think you will be able and prepared to retire at 65?; and (6) What percentage of your salary do you put towards a retirement plan, such as a 401(k)? GOBankingRates used PureSpectrum’s survey platform to conduct the poll.
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This article originally appeared on GOBankingRates.com: Women Are Over the Myth of ‘Having It All,’ Favor Work-Life Balance Over High Pay
