However, the gender gap in retirement planning is smaller than most other areas, with virtually no gap between men and women with respect to participating in employer-sponsored plans or IRAs, according to research from Financial Finesse.
Ninety-one percent of women reported they participate in their employer-sponsored retirement plan, compared to 92% of men, and 26% of women said they contribute to a traditional or Roth IRA, versus 27% of men. In addition, 87% of men and 79% of women indicated they are capturing the maximum employer match offered by their employer plans.
However, only 12% of women said they are on target to replace 80% of their income in retirement, compared to 22% of men.
While nine in ten (89%) men reported they had general investment knowledge, two-thirds (66%) of women said the same. Only 29% of women feel their investments are allocated appropriately, versus 45% of men.
Financial Finesse’s research is primarily based on tracking employees’ most pressing financial concerns through their usage of its financial education services. The complete research report is here.