Report: Women lag way behind in retirement savings
A new study uncovered an alarming difference between what men and women have socked away for retirement.
Women’s average defined contribution (401(k), 403(b), etc.) plan balances are only around 60% of what men’s DC balances are, according to The Gender Matters: Retirement Savings of Working Men and Women report by LIMRA.
Specifically, working women 50 years and older have nearly $63,000 less saved for retirement than men of the same age and same employment status.
These findings are very troubling when you consider women have a longer average lifespan than men and will therefore need more money retirement.
The study also found that only 14% of women considered themselves knowledgeable when it came financial products and services, compared to 29% of men.
- Share on
Free Training & Resources
White Papers
Provided by Personify Health
Webinars
Provided by Yooz
Further Reading
Heads up, Finance pros: HR might be coming to you soon for input and approval on new OBBBA benefits changes. Much of the media coverage...
Year after year, surveys show about half of all employees don’t tap their allotted personal time off (PTO). While some companies allo...
With benefits costs climbing and new laws like SECURE 2.0 adding complexity, viewing employee benefits as a simple fixed cost is an outdate...
If your company’s employees are like most, they’d score a big fat F on a financial literacy test. Every year, the Teachers ...
Americans use more healthcare services than any other people. So we pay more as a result — and the cost is going up every year. 2025 ...
It’s that time of year again: Employer health insurance plans are up for renewal. For finance leaders, this period can feel like a lotter...
