Why do some women’s retirement balances tend to lag their male counterparts? A new look at attitudes toward saving for retirement could provide insight into the subject in finding more men identify saving for retirement as a top priority than women among those surveyed.
The survey of 4,983 U.S. workers completed in July and August of 2017 shows 60% of those men queried ranked saving for retirement as their top financial priority compared to 44% of the women respondents, according to results compiled in the Willis Towers Watson 2017 Global Benefits Attitudes Survey released today.
In contrast, saving for retirement dropped farther down the list of priorities for some women, whose more pressing concerns included meeting daily living costs (64%) and paying off debt (57%), according to the findings, suggesting that everyday expenses are competing for resources even if there may be a desire to put saving for retirement first. Of interest, married women without children under the age of 18 placed saving for retirement as their primary financial goal.
“Varying financial needs make it difficult for many men and women to build a retirement nest egg,” said Shane Bartling, senior consultant, Willis Towers Watson in a prepared statement. “While our survey finds that women place a lower priority on saving for retirement than men do, we believe it’s a question of, ‘Am I able to save for retirement?’ rather than, ‘Is it important to save for retirement?’ ”