[The Money Gap] Women facing multiple retirement challenges
Only 19% of women workers are "very" confident that they will be able to fully retire with a comfortable lifestyle, according to a survey report released November 7 by nonprofit Transamerica Center for Retirement Studies® (TCRS) in collaboration with Transamerica Institute.
"The gender pay gap leaves women with less income available to save. Moreover, women are more likely to take time out of the workforce for parenting and caregiving – an invaluable labor of love without pay,” said Catherine Collinson, CEO and president of Transamerica Institute and TCRS. "These factors impair a woman's lifetime earnings, retirement savings, and government and employer benefits. On top of these factors, statistically, women live longer than men, so they have an even greater need to save for older age."
The 48-page analysis is based on a 28-minute online survey conducted in the US between November 8- December 13, 2022 among a nationally representative sample of 2,907 women and 2,766 men employed by for-profit companies. The report compares women and men, and offers recommendations for women, employers, and policymakers.
"Our research illuminates the challenges faced by women, highlights opportunities to improve their situation, and underscores the societal imperative to ensure their retirement security," said Collinson. The top five (out of 23) findings are:
- More than half of women (57%) feel they don't have enough income to save for retirement.
- Saving for retirement (53%), building emergency savings (44%), paying off credit card debt (43%), and just getting by to cover basic living expenses (37%) are women's most often cited financial priorities.
- Women have only a median of $2,400 in total household emergency savings.
- Only 19% of women are "very confident" that they will be able to fully retire with a comfortable lifestyle.
- Most women (75%) are saving for retirement at work and/or outside the workplace.
To download the full report, click here
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