Women in US have just 1/3 of men’s retirement savings, Prudential report says
3:14 pm Monday, June 24th, 2024
By Makailah Gause
NEW YORK (Reuters) -Women in the U.S. have saved just a third of the amount that men have set aside for retirement, setting up a potential crisis among female retirees, according to a Prudential Financial survey released on Monday.
Men had saved a median $157,000 for retirement, while women had only put aside $50,000, according to a survey of 905 U.S. adults between the ages of 55 and 75.
“The financial futures of certain cohorts – such as women – are especially precarious,” Caroline Feeney, CEO of Prudential’s U.S. Businesses, said in a statement. “Women have a more challenging time saving for retirement,” she added, citing inflation, housing prices and changes in tax policies as the main barriers.
Compared with the men surveyed, women were three times more likely to be focused on providing for their families and children than saving.
Of the respondents, 46% of men said they were looking forward to retirement and had more plans, compared with 27% of women polled, the survey showed.
The survey also showed that 55-year-old Americans are financially unprepared for retirement. The median savings for a person of that age was about $47,950, compared with the $446,565 recommended by Prudential, reflecting eight times the average U.S. salary.
(Reporting by Makailah Gause; Editing by Lananh Nguyen and Sandra Maler)
