Women Pay Over $300k More Than Men Throughout Their Lifetimes

No, you’re not imagining things. Women spend over $300,000 more than men in their lifetime. Here’s why.

When dry shampoo isn't enough, I turn to my NEXXUS shampoo and conditioner, each priced around $18, totaling about $36 every two months for replacements. This amount is significantly higher than the $6 for Dove’s Men’s 2-in-1 Shampoo and Conditioner that many men I know use. Doing the math shows my hair care costs a staggering 600% more than the average man. This figure doesn’t even account for styling tools, haircuts, color treatments, or other products essential for hair maintenance. Yet, this level of expenditure is common among women I know, a routine we hardly think about.

Hair care is just the beginning. The reality is, being a woman is much pricier over time compared to being a man. Various societal norms and economic factors contribute to these extra costs, even impacting our healthcare expenses.

“The U.S. is among the 24% of nations worldwide lacking a constitutional guarantee for gender equality,” explains Katica Roy, a gender economist and CEO of Pipeline Equity. Research has attempted to quantify the costs of being a woman, with one study estimating beauty products alone could total $225,360 across a lifetime. We wanted to explore the broader financial burdens women face, so we did some math ourselves.

Living Expenses for Women

While my shampoo choice results in a 600% markup compared to my brother's, even cheaper women’s brands still average 48% more. If we take men’s $6 shampoo as a baseline, women’s versions price around $9. Replacing it every two months means an annual expense of $18. Over a lifetime, starting from age 18 until about 78, that adds up to $1,260 more spent on shampoo alone. And that’s just for hair care.

Here are some additional figures worth noting.

Home Buying Costs

Single women pay 2% more when purchasing homes. With the average U.S. house costing $375,000, this translates to an additional $7,500 compared to men, not accounting for mortgage expenses. Research from Yale School of Management revealed that single women typically pay 2% more for the same property and sell for 2% less due to negotiation disparities. Women often buy homes at higher prices and list at lower prices, demonstrating a clear “gender gap in negotiation.”

If you’re looking to enhance your negotiation skills, you’re not alone. We recently enjoyed a valuable discussion with Jenny Just, founder of Poker Power, an organization teaching women about strategic decision-making and negotiation techniques. It’s time to get savvy.

Menstrual Expenses

This week, Scotland became the first country to provide free period products. Until the U.S. follows suit, women can expect to spend $1,920 on menstrual products throughout their lives. This figure could be even higher based on local pricing and product choices. This estimate assumes $5 per box for tampons or pads, purchased monthly from age 18 to 50, the average menopause onset.

Clothing Costs

To keep estimates practical, let’s focus solely on basic shirts. A study examining gender pricing in New York City found that women pay, on average, 15% more for shirts. If we assume a woman buys a new shirt every two months, spending roughly $5 more than men, that leads to a lifetime difference of $1,500. We won’t even delve into costs for wedding dresses, formal wear, or dry cleaning services that are nearly double for women.

Clearly, women face higher costs in various everyday aspects. Let’s examine the broader issues at play.

The Pink Tax

We’re not just overpaying for shampoo and menstrual products; what about everything else?

You might have heard of the “pink tax,” which refers to the unfortunate reality that personal care products aimed at women tend to be pricier than those for men. This includes haircare, razors, deodorants, and more. A California study from 1994 estimated the pink tax costs women an extra $1,350 per year, equating to around $2,200 in today’s dollars. Multiplying $2,200 by the estimated 60 years women typically buy these products leads to an additional $132,000 spent compared to men. All this for similar items, just altered for women.

Cosmetics Spending

Interestingly, the pink tax doesn’t even factor in items not marketed to men. Many men enjoy cosmetics, but the market primarily consists of women. Research from SkinStore shows that the average woman spends $300,000 on beauty products over her lifetime.

If we consider a more frugal woman with a lifetime spending of $100,000 on cosmetics, adding the pink tax, along with costs for clothing, home ownership, and menstrual products, we see an additional $241,000 in expenses just for being female.

And this is before we address…

Healthcare Costs

According to Kaiser Family Foundation research, women consistently spend more on healthcare annually than men. For instance, women aged 19-34 spent an average of $3,402 on healthcare in 2015, while men spent $1,891. This results in a yearly difference of $1,511, translating to an additional $22,665 over those years. Assuming this pattern continues, it could amount to $75,550 over 50 years.

Why the disparity? Many studies indicate women generally pay more for health services, largely due to routine wellness visits and childbirth. For instance, the cost of a vaginal delivery can be about $13,000 without insurance or about $7,000 with insurance.

Wage Gaps and Caregiving

It’s impossible to discuss the costs of being a woman without acknowledging the gender wage gap, where women earn just 82 cents for every dollar men make. This gap is even wider for women of color. Additionally, since women live about five years longer and often bear caregiving responsibilities, they lose around $324,044 in wages and Social Security benefits over their lifetimes, according to Sarah Alter, CEO of NextUp.

Alter also referenced a recent Harvard Business Review study that found women are often tasked with excessive unpaid work, leading to an extra month of unpaid labor annually. Think about that—unpaid work specifically for women in the workplace.

So…

What Can Be Done?

One powerful way for women to combat these issues is through investing. Studies show women invest 40% less than men, which can jeopardize financial futures. Investing allows women to leverage their money in the market. With average stock market returns over the last 30 years exceeding 9%, women need this growth for a secure retirement.

Consider this a reminder to start investing if you haven’t yet, increase your investment if possible, contact your representatives, and meet with a financial planner. And next time you see that 2-in-1 shampoo in the shower, give it a shot. You might be pleasantly surprised.