Retirement, Emergency Savings Among Women’s Leading Financial Priorities

Despite making strides in their careers and independence, women savers continue to feel severe financial insecurity.

New findings from the Transamerica Center for Retirement Studies’ “25 Facts About Women’s Retirement Outlook” report shows that 18% of women workers feel “very confident” in their ability to fully retire with a comfortable lifestyle. The report surveyed 5,493 workers, including 2,489 women and 2,960 men.

Limitations, including the ensuing gender pay gap and ongoing caregiving responsibilities, have narrowed their savings potential, observes Catherine Collinson, CEO and president of Transamerica Institute and TCRS.

Catherine Collinson of Transamerica Center for Retirement Studies

“Women have made extraordinary progress in terms of educational attainment and career opportunities that were once out of reach. Yet, women continue to face a greater risk of not achieving a financially secure retirement,” said Collinson in a statement. “The gender pay gap and time away from the workforce for parenting and caregiving limit a woman’s lifetime earnings, her ability to save for retirement, and her access to valuable employer and government benefits. Statistically, women tend to live longer than men, so we need to save even more for older age.”

Transamerica’s report calls upon legislators to adopt reform that addresses these barriers and urges employers to consider benefits inclusive to women’s needs.

“Improving women’s retirement outlook is a collective effort,” said Collinson. “Policymakers can orchestrate societal change by implementing reforms to address structural barriers, employers can enhance their business practices and benefit offerings to be more inclusive of women’s needs, women can take greater charge of their financial planning as well as their long-term health, and men can lean in by advocating for them and serving as allies. Everyone can and should do their part.”

Read on the next pages for Transamerica’s 25 leading facts concerning women’s retirement below.

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