Finances On Minds of Many as They Prepare for April’s National Tax Day

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SHOWING WOMEN SAY THEIR “FINANCIAL WELLNESS”
IS WORSE TODAY THAN BEFORE PANDEMIC COMPARED TO MEN

Almost 1 in 4 women (24%) reported that their financial wellness is worse today than two years ago, compared to only 17% of men who said the same, according to a recent survey.
The pandemic and resulting economic volatility have made women more aware of, and focused on, their short and long-term financial wellness. www.tiaa.org
Nearly 40% of women say they don’t not have anything saved for retirement. The TIAA survey showed glaring examples of how women face bigger challenges than men when it comes to both their short- and long-term financial futures:
• More women (25%) say they carry an “unmanageable level of debt” compared to 17% of men.
• More women (29%) struggle to pay monthly bills, including utilities, rent, loan payments and credit cards. For men, it was 19%.

Far fewer women (31%) are saving for retirement, compared to men (44%). And the pandemic has made matters worse, as nearly two million women have left the workforce since 2020. Women also retire about two years earlier than men, but typically live longer. The net result of all these factors is that women’s retirement savings and investments generate about 30% less income than men’s once they stop working, and women also face a greater risk of running out of money in retirement.
Women are behind in retirement planning and the gap between the financial wellness of men and women continues to widen. According to the survey:
 63% of women say they have any money saved toward retirement, compared to 80% of men.
 44% of men say they are currently saving towards retirement compared to 31% of women.
 35% of men are confident their retirement savings are on track to live comfortably throughout retirement without running out of money, compared to 19% of women.

Shelly-Ann Eweka, Senior Director of Advice Strategy at TIAA, discusses this latest survey results and why it’s important for employers to take the necessary steps toward empowering women to learn more about their financial wellness before they reach the age of retirement. Eweka will also outline how research shows that employers must take a tailored approach to support women improve their financial well being and close the retirement gap.

Interview courtesy: TIAA

NO SECRET THAT DURING THE PANDEMIC, WOMEN SUFFERED MUCH MORE FINANCIALLY THAN MEN, BUT A NEW SURVEY SHOWS HOW THIS COULD IMPACT THE REST OF THEIR LIVES.

TODAY, ONLY 19% OF WOMEN FEEL CONFIDENT THEY’RE ON TRACK TO LIVE COMFORTABLY THROUGHOUT RETIREMENT WITHOUT RUNNING OUT OF MONEY.THAT’S BARELY HALF THE NUMBER OF MEN WHO FEEL THAT WAY.

AND ONCE WOMEN STOP WORKING,THEIR RETIREMENT SAVINGS AND INVESTMENTS GENERATE ABOUT 30% LESS INCOME THAN MEN’S.

HERE WITH A CLOSER LOOK AT THE FINANCIAL WELLNESS GAP AND TO EXPLAIN WHAT WOMEN CAN DO TO TAKE CHARGE OF THEIR FINANCIAL FUTURE, IS SHELLY-ANN EWEKA, (EH-WIH-KA) SENIOR DIRECTOR OF FINANCIAL PLANNING STRATEGY AT T-I-A-A.

Bio

Shelly is part of the team at T-I-A-A that helps customers plan their finances so they reach their retirement goals – both before and after they stop working.

She’s an industry leader who serves as an expert on the Woman-to-Woman Community section of TIAA.org., She’s also a member of several organizations within TIAA, including ones for Black and female employees, which create leaders and influence culture.

Shelly has been quoted in U.S.A. Today, Black Enterprise and several national media outlets and financial websites.

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