Survey reveals gender gap in retirement readiness and confidence among employer-sponsored retirement plan participants
In a year where more Americans are reaching 65 than ever before, lingering economic concerns are casting a shadow over many workers’ retirement prospects. Research from the Nationwide Retirement Institute® (NRI) reveals a gender disparity in retirement confidence and readiness among current U.S. workplace savers as women report more challenges than their male colleagues.
NRI’s In-Plan Protected Retirement survey of 1,200 employer-sponsored retirement plan participants revealed one in four women (23%) feel they’re “on the wrong track” for retirement, versus 15% of men, and 41% hold a negative or neutral outlook on their retirement planning compared to just 29% of men. This gender disparity is further demonstrated by the fact that women are less likely than men to have reached key savings milestones, like saving enough for an emergency fund or adjusting their retirement investment allocations.
Today’s macroeconomic landscape may be throwing women retirement savers off course. The report found that women are more likely to be concerned about a recession or economic downturn and the impacts of rising costs or market volatility on their retirement savings. As a result, more than half of women are concerned about outliving their income in retirement (52%). However, only 13% have diversified their investment portfolio and only 15% looked for other investment options that offer protection during economic uncertainty.
“Women are actively participating in their employer-sponsored retirement plans alongside their male counterparts, but they’re also facing a variety of challenges that can make navigating their retirement journey more complex,” said Cathy Marasco, leader of Protected Retirement for Nationwide Retirement Solutions. “Women are likely to live longer in retirement, so it’s understandable that fear of outliving their income would be a source of anxiety. The good news is there are new solutions available for employers to help plan participants address concerns about income in retirement.”
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