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A potential retirement crisis is brewing among female retirees who have only saved about one-third of the amount men have, according to a Prudential Financial survey released Monday.
The survey of 905 American adults between the ages of 55 and 75 found that while men had saved a median of $157,000 for retirement, women had only set aside $50,000.
In comparison to the men surveyed, women were three times more likely to be focused on providing for their families and children than saving.
Nearly half, 46%, of men surveyed said they were looking forward to retirement and had more plans, compared with 27% of women polled.
https://www.foxbusiness.com/economy/retirement-crisis-looms-womens-savings-just-one-third-mens
This is why you don't pay 50% of a man's bills while also doing 90% of the housework, cooking and childcare.
That's all you read on the mom forums - how she's penniless and can't save any money because she's covering 50% of the bills, plus all the kids clothes and school supplies on her lower income, and how she had to take time off her career and reduce her hours to parent the kids, but he's easily able to stash money away from his higher income. None of which she will get a penny of in the divorce.
Men are selfish so of course they'd horde their wealth. Alot of them who have money saved are also probably cosplaying as poor and complain about 'gold diggers' while being an unaware seggs digger themselves
I really wish more women knew the importance of and the ways of building wealth. Even if you start from nothing! I left home (not a happy place) at 16 with about 200 euros to my name. Now I'm so well off financially that if I chose to quit my job today, I could comfortably live off my savings for a decade. Obviously I understand this can be extremely difficult in certain countries and situations, but start with what you have where you are.
I hate the way this article is worded. Case in point, the summary underneath the headline reads:
'Retirement savings among women is lagging behind their male peers, the Prudential survey found.' Women are the ones lagging behind, i.e. women are the problem, NOT the men who are hoarding wealth and not adequately providing for the families they choose to create. Another one: '"Women have a more challenging time saving for retirement," she added, noting that inflation, housing prices and changing tax policies have been the main barriers.' Not a single mention of divorce or absentee fathers, though. Argh but this boils my fucking piss no end. The whole thing is just one big exercise in refusing to name the problem.
Too many women believed and still believe that a man (=his income/pension) is a valid financial and retirement plan and didn't make their own arrangements while spending their prime years doing unpaid labor as a housewife and mother.
It's not. You need your own money that is in your name only. You need your own income and retirement plan and they need to be enough to fully cover your needs in the present (in case of a divorce, your husband having a deadly a accident, your husband turning out to be abusive so you need to leave quickly etc.) and when you get old. Never let yourself get into a position where you need to serve and stay with a man to keep a roof over your head and not starve.
So many women are essentially setting themselves up for lifelong slavery by becoming traditional housewives without their own income and being fully dependent on a man for money. That's a dumb fantasy that never worked in our favor and women need to snap out of it.
Plus women are paid less resulting in less for retirement. United Nations stats on the global status of women from 1980 probaby haven’t changed any: women do two-thirds of the world’s work, receive about 1/10 of world income and own less than 1 or 2% of world property. We’re downright owned and any woman who can manage on their own makes them mad.
I hope the statistics for millennials will be much different. I’m working on building my own wealth currently.