- A new study from Financial Finesse reveals that women are 28% behind pace to have enough savings for retirement compared to men, Employee Benefit News reports.
- Millennial women need to save 12.6% of their pay to stay on track for a solid retirement. Women not only face a potential pay discrepancy, but are more likely to take breaks in their career due to familial duties, which can lead to a $1.3 million gap in savings.
- Women tend to live longer than men and are more likely to be single in retirement, calling for more retirement savings.
Financial wellness has garnered attention in the workplace as a strong benefit offering, and retirement education is one of its more popular forms. Such education is especially important for younger workers. As this study suggests, they may not all be aware of the consequences of family leave or taking absences from the workforce for an extended period of time, and will need to compensate in their saving strategies.
Men and women are not generally saving enough for retirement, an Aon Hewitt study found earlier this year, but due to the many discrepancies noted above, women will have to work until age 69 to be ready to retire — a full year more than men.