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Financial survey: Women in US have just 1/3 of men's retirement savings


Woman holds U.S. dollar banknotes in this illustration taken May 30, 2022. According to a Prudential Financial survey released, June 24, 2024, women in the U.S. have saved just a third of the amount that men have set aside for retirement.
Woman holds U.S. dollar banknotes in this illustration taken May 30, 2022. According to a Prudential Financial survey released, June 24, 2024, women in the U.S. have saved just a third of the amount that men have set aside for retirement.

Women in the U.S. have saved just a third of the amount that men have set aside for retirement, setting up a potential crisis among female retirees, according to a Prudential Financial survey released on Monday.

On average, men had saved $157,000 for retirement, while women had only put aside $50,000 according to a survey of 905 U.S. adults between the ages of 55 and 75.

"The financial futures of certain cohorts – such as women – are especially precarious," Caroline Feeney, CEO of Prudential's U.S. Businesses, said in a statement. "Women have a more challenging time saving for retirement," she added, citing inflation, housing prices and changes in tax policies as the main barriers.

Compared with the men surveyed, women were three times more likely to be focused on providing for their families and children than saving.

Of the respondents, 46% of men said they were looking forward to retirement and had more plans, compared with 27% of women polled, the survey showed.

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    Reuters

    Reuters is a news agency founded in 1851 and owned by the Thomson Reuters Corporation based in Toronto, Canada. One of the world's largest wire services, it provides financial news as well as international coverage in over 16 languages to more than 1000 newspapers and 750 broadcasters around the globe.

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