Fewer Than 1-in-5 Women Feel Confident About Retirement
March 23, 2022
The pandemic hit women especially hard, with about 2 million women leaving the workforce altogether, according to the Bureau of Labor Statistics, and now more women are worried about their retirement.
Only 19% of women said they felt confident that they on track to retire without running out of money, according to a survey from TIAA. That compares to 35% of men who said they feel the same way.
The gap between men’s and women’s perceptions of their retirement readiness is growing. When a similar survey was conducted in 2013 the gap was 9 percentage points. Today it is 16 percentage points.
The survey also found that only 31% of women said they were able to save for retirement, compared to 44% of men who said they feel the same. The survey also found that women are more likely to say they are struggling to make ends meet, with 29% saying they struggle to pay all thier monthly bills.
All told, the survey found that 80% of men said they have at least something saved for retirement, compared to 63% of women, and that 36% of men say they work with a financial planner or investment advisor while just 22% of women do.