Read our full analysis for a more in-depth look at these trends.
A window into women’s pay and purchasing power
Women’s raises when changing jobs have fallen, challenging financial gains. Still, their deposit balances remain up 43% from 2019.
August 2025
Key takeaways
- Women's average annual growth in labor force participation rate fell below men's for the first time in six years. But despite a cooling labor market, Bank of America deposit account data indicates both women and men's pay disruption rate remains below the 2024 average level, suggesting an imbalance in trends between the two isn't yet stark.
- For both men and women, the median pay raise associated with a job change has fallen below 2019 levels, though the increase in associated rise in pay for women is greater than men's, helping narrow the gender pay gap. And according to Bank of America deposit account data, women's checking and savings account balances were up 43% from the 2019 average in June. This has bolstered women's spending growth, especially on discretionary items.
- Yet even as women are gaining on the financial front, our data shows that women's search for value across categories like apparel and restaurants continues to increase. Plus, women's spending growth at e-commerce sites is likely fostered in part by adoption of buy now, pay later as they comprise a higher share of users than men.
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