Women and men currently in the workforce are placing a priority on saving money for the future at a similar rate, yet their savings amounts are very different.
The annual Transamerica Retirement Survey of Workers found that the median total savings in household retirement accounts among nearly 3,000 women surveyed was $44,000, compared with $91,000 for a similar population of men.
The median total household emergency savings was $2,400 for women, compared with $9,000 for men. The gap is surprising, considering both men and women equally cited saving for retirement as a top financial priority.
The gender pay gap leaves women with less income available to save, explained Catherine Collinson, CEO and president of the Transamerica Institute. Women are also more likely to take time out of the workforce for parenting and caregiving. Read more.