Closing the Gender Gap in Retirement Planning
It’s no secret that there is a gap in earnings between men and women, and while great strides have been made toward gender equality, how does that translate into retirement preparations?
A recent survey revealed some interesting points. Only about 25% of women felt very confident about their retirement planning decisions, whereas with the men it was much higher – almost 60%.
An interesting side note – the respondents of this survey were between the ages of 25- 35, which makes them Millennials.
Another aspect that may be part of the equation is that more women said they felt they would have to work longer to ensure a comfortable retirement. And given life expectancy statistics that is actually a realistic concern.
On average, 60-year-old Americans can expect to live another 20 or 25 years, depending on their gender and other variables. And most seniors can also count on a couple of extra years free of disease and disability compared to 60-year-olds of just 15 years ago due to improved medical treatments.
Interestingly enough though, when a financial professional assisted the people surveyed – the gender gap completely disappeared. Both men and women came in at about 75% confidence.
The gender gap was far less pronounced in other aspects of the survey, and it opens the subject to discussion. It would seem that women are more likely to express uncertainty about their financial preparedness when it comes to retirement. But both men and women may benefit greatly from consulting a financial professional.
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