Despite the progress women have made in taking charge of their personal finances, they still lag behind men in saving for retirement, a new study conducted by Wells Fargo recently revealed.
Just over half of the women surveyed, 54%, said that they were confident that they had enough savings “live the life that they want” once they retired, the survey revealed. In comparison, 62% of men felt the same way. Here are some more statistics revealed in the survey:
|Believe social security will be available to them||38%||42%|
|Retirement savings goal||$200,000||$400,000|
|Have confidence in the stock market||27%||40%|
|Would place $5,000 in a CD vs. the stock market||40%||30%|
|Consider themselves the "primary financial decision maker"||35%||55%|
The study also revealed that women in their 20s had the least confidence about the role that Social Security would have in their retirement goals than any age group questioned. Under half of twenty-something women said they would place $5,000 in a CD versus investing it in the stock market in comparison to 66% of men in the same age bracket.
“Women hold more than half of high-paying management and professional positions in the U.S. and three women are in college now for every two men. But when it comes to retirement, they lag in their confidence about how to prepare for this phase in life, and they are less likely to see themselves in the driver’s seat,” said the bank’s head of Retail Retirement Karen Wimbish in a statement.
In response to this concern, the bank launched a new service called Beyond Today, which provides a ton of resources for women that can allow them to identify savings goals by the their age and address their concerns all along the way. If you’re having difficulties saving for retirement, or just want a few pointers to get you started, you should definitely consult the website.