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When it comes to saving and spending, the news is not good for women.

SaveUp.com, an online financial rewards program for saving and paying down debt, recently analyzed a representative sample of more than 20,000 of their users’ savings and debt balances. In their recent “U.S. Consumer Savings and Debt Report”, Saveup.com finds that the average man has more in their 401(k), IRA, and CDs. This report also noted that men are saving more money than women. More importantly, men are saving more aggressively to meet their retirement goals.

 Saveup.com Report Men Women
Avg. 401k $50,632 $39,320
Avg. IRA $8,456 $4,916
Avg. Certificate of Deposit $30,374 $7,459
Avg. Money Market
$11,157 $13,225

 

 

 

 

 

 

 

Source: SaveUp.com

Why are men able to save more?

The simple answer is related to income disparity.  According to the American Council on Education, depending on their race and where they live, women make between $0.57 and $0.77 for every dollar men make. Thus, it is more difficult for women to save. In fact, their contributions to 401(k) and retirement contributions from their employer will be substantially lower through out their working careers.

Cost Of Living Expectation Is Lower for Women

Income disparity is not completely to blame. Women tend to have a lower expectation for the total cost of retirement living.  According to a 2010 Harris Interactive poll cited by Forbes, when women were asked to put a dollar figure on the amount they were trying to save for retirement, the median was $200,000 compared to the men’s median goal of $400,000.

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Women Retirement StrategyIt many seem unnecessary to get retirement strategy advice but its a vital part of planning for an adequate and successful retirement. My consultation is free. 1-866-471-7233. Let’s talk.