NEWS

This is why Millennial women are saving half as much as men


Fortune

Here’s the good news: Millennials—both men and women—are putting money away for retirement, an average of 8% of their annual salaries, according to a new survey by T. Rowe Price. Now for the not-so-good news: Millennial women are already trailing their male counterparts when it comes to 401(k) savings. For women ages 18 to 33 participating in a 401(k), the median 401(k) balance is $11,000—but for men in that cohort it’s twice as much: $22,000.

The numbers don’t get any better after that. Millennial women are contributing a median of 5% of their annual salaries to their 401(k) plans, versus 7% for Millennial men. And those annual salaries are smaller: The median personal income for Millennial women is $48,000, while men are earning $63,000.

“I can’t say that we’re surprised,” says Anne Coveney, T. Rowe Price’s senior manager of Retirement Thought Leadership. “I think it’s pretty well established in…

View original post 642 more words

Advertisements

TGM Millennial What's on Your Mind?

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s