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Yet, women have much lower expectations for their saving potential.
What are some reasons that men are outpacing women when it comes to saving?
Theres a combination of structural, social and economic factors which persist, leading to discrepancies in savings.
According to Pew Research Center, women earned 85% of mens earnings in 2024.
The wealth gap refers to how much women own and keep, including the value of their assets.
The wage gap for women can begin before they enter the workforce, starting on college campuses.
On average, it takes them longer to pay it back due to lower earnings.
What are some possible reasons women have lower savings expectations?
The tangible financial impacts of the wealth gap and caregiving burdens create behavioral impacts as well.
How much should women aim to be saving?
Theres no one-size-fits-all answer when it comes to how much you should be saving.
Money management is personal.
While setting goals is important to get a clear picture, the most important part is to act.
Navigating our financial journeys can oftentimes feel overwhelming.
Longevity risk is another consideration when saving for the future.
Women live longer on average, meaning we will need to stretch our savings further.
What are some tips for women who are falling behind in their savings goals?
Workplace benefits are largely underutilized.
Navigation support, expanded access to savings vehicles and employee experience strategies to improve engagement are paramount.
Working with a financial professional can be particularly helpful, especially when turning intent into action.
To act, we must feel confident.
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