Bank Investment Consultant
When it comes to retirement readiness, women are still fighting to remain equal to their male counterparts. The gender savings gap refers to women's income tending to be lower, having less access to retirement benefits, living longer and taking more time out of the workforce to be a parent or family caregiver. Women are also less likely to participate in workplace retirement plans and contribute less money each year, according to a 2016 study by the Transamerica Center for Retirement Studies. A 2017 study of 3,100 workers by the Center for Retirement Research at Boston College showed that financial wellness and education reduced the gender savings gap by more than 50%. By increasing financial literacy and implementing long-term education programs, participation by women in retirement plans increase. Up the education!
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