Women are 10 per cent more likely than men to say their financial health is the same or worse than last year, according to a new survey by Origin Financial.
The survey, which polled 1,000 full-time employees in the U.S., also found 62 per cent of male respondents said they’re confident or very confident in their financial health, while 38 per cent of female respondents said the same. In addition, it found women are less likely to put disposable income into retirement accounts or other savings plans.
“The company-sponsored 401(k) has become standard in employee benefits, but it’s clear that offering these plans aren’t sufficient in helping employees save enough and feel secure in retirement,” said Matt Watson, chief executive officer and co-founder of Origin, in a press release. “Companies seeking to assist employees with retirement planning should set up their employees for success earlier in life with financial wellness education, resources and advice so they can weather any storms for the long term and feel prepared to retire comfortably.”
The survey also found a generational gap in financial confidence. Only 37 per cent of respondents aged 45 or older said they’re confident or very confident in their financial health, compared to more than half of those aged 22 to 45. Despite being closer to retirement, two-thirds of those over age 45 reported they’ve either never consulted a financial planner or only had once or twice in their lives.
Overall, a majority of employees don’t know where to turn for financial advice. However, nearly 93 per cent agreed they want their employers to offer increased access to financial planning and advisory services, but only 28 per cent said their employers are currently providing it.
“By offering financial planning services as part of their benefits package, employers have a unique opportunity to not only differentiate themselves from other companies in a hot talent market, but to also do their part to mitigate the gender wealth gap, retirement crisis and overall financial stress within their teams, playing a vital role in reshaping the financial future for Americans,” said Watson.