Women in the U.S. have saved only a third of what men have for retirement, highlighting a potential crisis among female retirees, according to a Prudential Financial survey.
Men have a median of $157,000 saved for retirement, while women have only $50,000, based on a survey of 905 U.S. adults aged 55 to 75.
“The financial futures of certain cohorts – such as women – are especially precarious,” said Caroline Feeney, CEO of Prudential’s U.S. Businesses. She identified inflation, housing prices, and tax policy changes as significant barriers for women saving for retirement.
Women were three times more likely than men to prioritize providing for their families and children over saving. Among respondents, 46% of men looked forward to retirement and had more plans, compared to 27% of women.
The survey also revealed that 55-year-old Americans are generally financially unprepared for retirement, with a median savings of $47,950, far below the $446,565 Prudential recommends.
