Millennial men and women view retirement planning and saving significantly differently, a survey by Schwab Retirement Plan Services found. Fifty-four percent of Millennial men are mostly concerned about their health in retirement, and 46% are apprehensive about their savings—but 70% of Millennial women are more concerned with their financial security once they stop working. They also experience far more stress than men with regards to saving for retirement.
The survey of Millennials between the ages of 25 and 35 also discovered that Millennial women are more interested than men in receiving professional help with their retirement savings efforts.
Worries about their health—and finances—in retirement are somewhat surprising, given that 86% of Millennial men and 84% of Millennial women say they are in good health, and that 77% of Millennial men and 79% of Millennial women say they are in good financial shape.
Women evidently think they will need to stay in the workforce longer than men to make up for retirement; 31% of Millennial women think they will still be working at age 70, compared to 22% of Millennial men.
“A variety of social and economic factors impact the way men and women view money, and our survey showed that this is already affecting the youngest generation of workers,” says Catherine Golladay, senior vice president of participant services and administration at Schwab Retirement Plan Services. “It is important for women and men alike to have access to and take advantage of critical resources, such as professional 401(k) advice and financial wellness programs, to help close the gap in retirement savings confidence.”
NEXT: Saving enough?