News | 12.05.18
Young Women Have to Play Catch-Up in Retirement Savings
A Merrill Lynch/Age Wave study concludes that among women of all ages there is a social taboo against talking about money. "Sixty-one percent of women would rather talk about their own death than money," said Maddy Dychtwald, co-founder of Age Wave. "And only 46 percent of millennial women say they are confident in investing." Women 75 to 79 are three times more likely to fall below the poverty level than men the same age, according to a report by the National Institute on Retirement Security. An early start to retirement savings can help change that outlook for younger women today, but for many women in their 20s, debt can be a stumbling block to savings. It takes women longer to pay back those loans than it does men, in part because of the gender pay gap. Women working full time with college degrees make about 26 percent less than their male counterparts, according to the study.
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