A recent Goldman Sachs report found American women struggle to save adequately for retirement, due to “a financial vortex of competing responsibilities.”
Life events, family problems, and unexpected emergencies lead to conflicting priorities, negatively affecting American women’s ability to save for retirement.
Specifically, more women (50%) than men (35%) said their retirement savings are behind schedule. Also, 24% of women said they were “very behind schedule,” compared to 14% of men. While nearly half of women (47%) said they felt on track or ahead of schedule, substantially more men (64%) responded similarly.
“Women more often than men are forced to work part-time, spend time out of the workforce to care for young children and elderly family members, and juggle other financial priorities during their careers,” said Global Head of Strategic Advisory Solutions Candice Tse in a press release. “This can make their journey to retirement more difficult and incredibly personal.”
“These statistics reveal the deeply human nature of the decisions that at times require women to prioritize family, caregiving or health related issues over their financial futures,” said Jennifer Huisking, Vice President at Goldman Sachs Personal Financial Management in the same press release.
To read the full article, click here.
Looking for more exclusive content? See what’s trending on the Mployer Advisor blog.
.webp)
.svg){kind=small}
.svg){kind=small}
.svg){kind=small}
