Only 56% of American women feel confident that they’re putting away enough money for retirement, compared with 65% of men, according to a survey.
The study was conducted by the Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF), a U.S. financial services organization.
“Women have unique needs when it comes to achieving financial well-being,” says Teresa Hassara, executive vice-president and head of the institutional business at TIAA-CREF. “They tend to live longer than men. They often interrupt their high-earning years to care for children or elderly parents.”
The survey also shows that, overall, when it comes to financial planning, women focus more on unexpected events, such as divorce or loss of a loved one, rather than milestones such as getting married or planning for retirement.
The survey polled 1,000 women across the U.S. earlier this year.
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