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…
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