Age and the Financial Gender Gap
It appears that men and women are not dealing with their finances in the same way. It appears that while young women are getting started early, some of the older generation, especially Boomers, are not as confident with their finances as they should be.
When it comes down to it, men and women go about things differently, and the younger folks out there are proving it. According to a survey by Bank of America, a higher percentage of young women are more organized financially than their male counterparts. Six percent more young women than men have set aside savings, and 33 percent of the young women said that they had their own health insurance compared to just 25 percent of young men. The future looks bright for the young women of America, but for the older generations, things are not quite so rosy.
Older men approach their finances more aggressively, and women seem to be lagging behind. According to a TCRS report based on a Harris Poll survey, women are not keeping pace with the men when it comes to money. Seventy-two percent of women are saving for retirement, which is a good number, but the men are ahead at 80 percent.
An alarming finding in the report is that while 70 percent of men are monitoring and managing their retirement savings, a paltry 56 percent of women do the same. One reason may be that a financial literacy study of men and women between the ages of 60 and 75 discovered that while 35 percent of men passed the quiz regarding retirement income and financial literacy, only 18 percent of women were able to pass the test with the exact same questions.
More women need to be taking control of their finances and getting educated on their opportunities to provide a better future for themselves and the ones that rely on them. Make sure that you are not only saving for your later years, but also getting the maximum benefit of your nest egg by monitoring and managing it and having a deep understanding of where you are investing and why.
If you are not sure what to do next, get professional advice.
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IMPORTANT DISCLOSURES
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