What makes it challenging for them are longer life expectancies, lower average wages, less financial confidence and bearing a large share of care-giving for both aging parents and children.
Retirement formalities are already a herculean task for people, but on top of it when it comes to women, retirement security becomes the biggest challenge for them.
As per multiple surveys and researches, women face a unique set of problems and issues when it comes to retirement due to which some planners now focus their business on women, the Washington Post reported.
As a solution to women’s retirement struggle, it’s better to educate women about personal finance issues. However, most of the women don’t take the initiative to learn as their husbands take care of everything.
According to a new survey by GfK, a consumer marketing research firm, women in the United States are much more uncertain or pessimistic about their retirement finances, with 60 percent saying they are unsure or not confident, compared with 41 percent of U.S. men.
The survey named the factors due to which women face challenges ahead of retirement and this included longer life expectancies, lower average wages, less financial confidence and bearing a large share of care-giving for both aging parents and children.