Economic uncertainty affects everyone, but new data shows that women are feeling more seriously burdened by small business owners. This growing anxiety is more than just a response to headlines. This reflects real concerns about inflation, market volatility and long-term business viability. And it shapes how women see the economy and their financial future as women start their businesses at record rates and play an increasingly important role in shaping the local economy.
In the latest CNBC | Surveymonkey Q2 2025 Small Business Survey, female small business owners are more likely than their male counterparts to express concern about today’s economy, from rising inflation and rising costs to looming recession concerns. Although ownership in small businesses is often associated with optimism and independence, these findings suggest that for many women, today’s economic landscape feels uncertain, if not unsustainable.
While many male SME owners report their future confidence, female counterparts feel different. When asked about the state of the economy, they say the economy is “good” or “good” compared to 34% of women. In line with the same sentiment, they are more likely to believe that the US is heading towards a recession (76% vs. 67%) and are more likely to cite inflation as a business risk (27% vs. 22%).
This gap in emotions reflects not only differences in mood, but differences in experience. Just two-thirds of female SME owners (69%) admit that they feel emphasised on the finances of today’s businesses compared to only half of males (55%) (55%).
Our data show that the gender gap in emotionality also extends to how female SME owners view current management. When asked whether he has approved Trump’s presidency up until now, only 39% of female small business owners expressed approval, compared to 54% of men. The gap is similar when it comes to tariffs. 63% of female small business owners are opposed to the president’s tariffs, compared to 48% of males.
This more negative view may reflect both the real pressures faced by female business owners and the broader reality of how different groups experience economic policy. Our data also confirm that female SME owners are more likely to identify as Democrats, adding complexity to how political and economic sentiments interact.
The anxiety expressed by female small business owners does not imply pessimism. Rather, it emphasizes a subtle perspective shaped by living experiences and a keen perception of economic dynamics. Women own more than 12 million small businesses in the United States, making a significant contribution to the country’s economy. They also start businesses at record rates, drive local economic growth and shape the future of their work.
Their perspective provides invaluable insight into the challenges faced by substantial segments of the business community, especially in times of economic uncertainty.
– By Eric Johnson, CEO of Surveymonkey
