On Women Lagging Behind

Last week, I conducted research for an article for the Thomson Reuters publication HRWire.

The piece, which explores the gap in retirement savings between women and men, is based on a study global consulting and outsourcing firm Hewitt Associates.

Because Hewitt study results are important to single-minded women, I’m sharing information here, with attribution to HRWire.

Bottom-line findings of the Hewitt study are that women make less than men, save less than men, live longer, and invest less aggressively. As a result, many women will find themselves short of retirement income, despite years of contributing to various savings plans. This shortfall will impact their standard of living.

Among Hewitt’s advice is for women to save more, indicating that investing even 2 percent more per year in a 401(k) can make a significant difference.

That’s a terrific recommendation, but there’s another study statistic that signals a need for even greater change: Ninety (90) percent of women report they are insecure about managing their finances.

Now, more than ever, women need to take charge of their financial destinies.

Get the information you require to make informed decisions. Turn to your employer, the Internet, financial institutions, seminars—but get educated about managing your money.

And of course read SingleMindedWomen.com’s Money articles.

You work hard. Get the most return on your career in every area possible, including on the financial front.

Paula Santonocito
Career Editor, SingleMindedWomen.com