Why every woman should be planning for retirement, now

Whether you’re in your first paid job or a year away from that corner office, you need to start thinking about saving for your retirement. Millenials already have the dubious honour of being the first generation to earn less than their parents, and this new study reiterates that women haver it worse off than men. 

According to an American study of over 4,000 workers, only 56 per cent of women are actively involved in managing their savings, as opposed to 70 per cent of men. Since women also earn traditionally less than men for doing the same job, they have less money to divert towards a post-retirement fund. The same study found that most women cited “covering basic living expenses” as their top financial priority, as compared to their male counterparts who always have an eye on saving for the future. 

The younger you are, the easier it is to start the habit of saving up, especially if financial responsibilities like loan repayments, mortgages and children’s education haven’t yet kicked in.

How to start saving for retirement  

working office work

In an interview, Catherine Collinson, president of Transamerica Center for Retirement Studies, offered these basic tips for women looking to kickstart their savings plan. 

Leave a comment

Your email address will not be published.

Generic selectors
Exact matches only
Search in title
Search in content