Insights | 05.26.21
Women Have 40 Percent Less in Retirement Savings Than Men, BofA Finds
Women trail men significantly when it comes to accumulating adequate retirement savings and have socked away 40 percent less in their retirement accounts than men, according to a Bank of America survey. The survey found that only 55 percent of women participate in 401(k) plans compared with 61 percent of men. Men also outpace women in average retirement plan balances ($98,000 for men vs. $62,000 for women), according to the survey. The report authors said, "Women tend to trail men in behaviors that characterize good financial habits, While women tend to do better when it comes to protecting the assets they have, they trail their male counterparts when it comes to their score in five other key areas: managing expenses, managing credit card debt, planning for the unexpected, preparing for retirement and other goals and managing long-term debt.”
Read the full article on Financial Advisor.