Retirement Readiness Report | Gender gap in retirement with Mindy Yu
Hear from Mindy Yu, Betterment at Work's Director of Investing, about how the gender gap in retirement could affect your employees.
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Video Transcript
One of the things we are looking at is the gender disparities with retirement savings. And especially when it pertains to women, there is a noticeable gap.Hi. My name is Mindy Yu. I'm the director of investing here at Betterment at Work. My role in the investing team is to provide investment education to help people save for their retirement journey.
So at Betterment, we conducted a survey with one thousand full time employees and found women still face a significant retirement savings gap. Women have half the amount saved for retirement compared to men. And this isn't surprising because we know women earn eighty three cents on the dollar that men make. So we know that these disparities exist.
Only twenty nine percent of women believe they'll be able to support themselves in retirement compared with fifty three percent of men. We found that women have, on average, taken a step back from the workforce, and that has resulted in around two hundred and ninety five thousand dollars in lost earnings within their careers. And then there's the ever growing concern about student loans. When the student loan moratorium ended in October 2023, women were less prepared and ready to resume repayments.
Sixty four percent of women expressed concern about restarting their student loan payments compared to forty six percent of men. At Betterment, we are committed to helping companies bridge the financial gap, and that starts with an easy to use 401(k) that helps everyone save for their financial futures.
Financial wellness should be inclusive and equitable for everyone. It's not just a women's issue. It's everyone's issue.