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Insights on Women and Financial Security

Aug 18, 2021

Key Takeaways

  • Women, especially women of color, face stronger headwinds than men in saving for retirement and preparing for the future.
  • Barriers include the pay gap, investing behaviors, lack of access to education and advice, and time out of the workforce.
  • There's an opportunity to support women in the workplace through comprehensive and thoughtful benefit programs.

 

Financial security is a challenge for most Americans, but for women, it’s proven to be an even bigger challenge. There are many reasons that women, especially women of color, face significantly stronger headwinds than men in saving for retirement and preparing for the future, including the pay gap, investing behaviors, debt, lack of access to education and advice, and time out of the workforce. All of these barriers can lead to financial stress which impacts all facets of well-being.

 

 

Still, women are amassing greater wealth than ever before. Overall, it is expected that women’s wealth will continue to grow over the next several years. Women also have a longer life expectancy than men, outliving men by five years, on average2 . While some women are advancing, there are also women that are struggling or taking on more caregiving roles. While advances have been made by women, there’s still work to be done and it’s important for benefits programs to support women in that work and growth. By understanding historical challenges and progress, along with barriers, employers are better equipped to design and implement thoughtful benefits programs in partnership with Prudential, to recruit, reward, and retain key talent.

 

Read More

To learn more, view the Insights on Women and Financial Security  PDF Opens in a new window infographic.

 You may also be interested in Women’s Financial Challenges Just Got Greater Opens in a new window or other Women’s topicsOpens in a new window.

 

Footnotes

  • 1 Prudential Retirement Enterprise Data Warehouse. Findings are aggregated from 53,488 unique completions of the Financial Wellness Assessment tool For Plan Sponsor and Intermediary Use/Public Use Permitted between 03/1/2018 – 06/30/2020, across all Full Service Defined Contribution Plans. All data is self-reported. Findings are not weighted.
  • 2 U.S. Census Bureau, 2020.

 

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