No wonder married couples fight about money so much.
For one, the guys are vastly outpacing the gals when it comes to saving for retirement. The average male Millennial has put away $101,500 in a 401k or other retirement account. Meanwhile, his female counterpart has saved an average of $66,700.
Further, 46 percent of women in this cohort are saving 6 percent or more of their income for retirement. Among the men, this figure is 57 percent.
It’s not to say the ladies aren’t aware they should step it up though; perhaps they’re currently unable. According to the Millennials & Investing Survey, only 26 percent of women are confident they’re saving enough, compared to 40 percent of men.
“Though parents of female Millennials started educating their daughters about saving earlier than parents of male Millennials (age 11.6 for females vs. 12.7 for males), more female Millennials than male Millennials admit they are not as confident in their financial management skills,” PNC noted in its report.
Overall, just 28 percent of Millennials think they have a solid understanding of investing.
To supplement their knowledge—in true Millennial fashion—the generation turns to media and the internet. The difference lies in the extent of their content consumption. Data show male Millennials seek information from recognized national media outlets at double the rate of female Millennials.
When examining investment preferences, females were much less accepting than males of alternative investments, such as cryptocurrencies and peer-to-peer lending. In addition, twice as many guys as gals embrace risk (14 percent vs. 7 percent).
“One of the foundational aspects of any financial plan is to determine your overall risk tolerance, and for members of the younger generation, risk can be healthy,” Rich Ramassini, CFP, senior vice president and director of strategy and sales performance for PNC Investments, said in a statement.
“People’s appetite for risk is often not on par with how much risk they can actually handle. Increasing your financial knowledge can help you determine whether you are taking on the right amount of risk.”
To conclude, he added, “It’s critical that both female and male millennials take actionable steps—including making concerted efforts to save for retirement, participating in the markets and building a solid emergency fund—to ensure their future is not in jeopardy.”